A popular analyst anticipated a further decline in Dogecoin’s DOGE/USD value on Tuesday amid the broader slump that rocked the cryptocurrency market.
What Happened: Kevin, known for sharing insights and forecasting price movements for the king of meme coins, expressed a bearish outlook in an X post.
“If BTC doesn’t bounce, then this probably has lower to go before finding a bottom,” the analyst cautioned, linking DOGE’s destiny with Bitcoin BTC/USD, the world’s largest cryptocurrency.
Kevin had previously indicated that DOGE was “not in control of itself,” and its fate lies “purely in Bitcoin’s hands.”
See Also: Ethereum Co-Founder Vitalik Buterin Offloads Nearly A Million In Memecoins To Benefit Charities — Dogecoin’s Sister Coin NEIRO Plunges 3% After Sale
On similar lines, More Crypto Online, a widely followed X account dedicated to cryptocurrency technical analysis, projected DOGE to slip to $0.30 after the price dipped below a key support level.
“I would therefore not be surprised if the price drops back to 30 cents before making another attempt to rally. In this case, I would view it as an opportunity,” More Crypto Online said, sensing a chance to buy the dip.
Why It Matters: These predictions coincided with sell-offs by DOGE’s long-term holders. According to IntoTheBlock, DOGE holdings of “Diamond Hands” dropped by 0.88% in the last 24 hours, contrasting with increases in Ethereum ETH/USD and Tron TRX/USD holdings.
That said, the popular Moving Average Convergence Divergence indicator, which compares two exponential moving averages to assess the momentum of the asset, indicated a ‘Buy’ signal, according to TradingView.
Dogecoin could have a historic 2025, with a top analyst from Galaxy Research predicting that the largest meme coin would surpass $1 for the first time this year.
Price Action: At the time of writing, Dogecoin was exchanging hands at $0.3551, down 9.33% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin was up 12.50%, compared to nearly 273% in gains in 2024.
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