Dogecoin Has 'One Final Leg Up Left,' Says Analyst Amid 40% Slump But Investors Should Be Wary Of This Bearish Forecast

A widely followed cryptocurrency analyst expressed optimism on Monday that Dogecoin (CRYPTO: DOGE) would experience one "final leg up," potentially lifting the dog-themed meme coin closer to all-time highs.

What happened: In an X post, Cas Abbé said Dogecoin's current market conditions resemble those of the first half of 2021, when the meme coin exploded to $0.70.

"I think the next DOGE run will be fueled by Elon and D.O.G.E department hype," the analyst said, referring to the ambitious cost-cutting effort of Elon Musk that plays on the meme coin's popularity.

Another well-known trader, Carl Moon, believed that Dogecoin could break out of the falling wedge pattern and potentially rise to $0.44 if it survived the ongoing slump.

A falling wedge is a bullish pattern that suggests potential upward price movement and trend reversal.

Away from the bullish narrative, influential cryptocurrency market commentator Ali Martinez noted Dogecoin's downward breakout of a symmetrical triangle pattern, placing a target at $0.197.

See Also: Kanye West Deletes X Posts On Potential Meme Coin, Unfollows Changpeng Zhao — What’s He Upto?

Why It Matters: These projections come amid a sharp drop in the cryptocurrency market, fueled by President Donald Trump's tariff threats and fears of potential liquidation of hacked funds from cryptocurrency exchange Bybit.

Price Action: Dogecoin traded at $0.2115 as of this writing, down 8.50% in the last 24 hours and over 40% in a month, according to data from Benzinga Pro.

Large DOGE transactions, valued at over $100,000, jumped 41% in the last 24 hours, according to IntoTheBlock, while supply held by long-term holders dipped 0.88%, suggesting that investors were cashing out. 

Image via Shutterstock

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