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 DOGE/USD 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.

$DOGE still has one final leg up left

The current pattern feels similar to Q1-Q2 2021 when $DOGE pumped to $0.7

I think the next DOGE run will be fueled by Elon and D.O.G.E department hype.

What's your peak price target for $DOGE in 2025? pic.twitter.com/kJDLXkmBwU

— Cas Abbé (@cas_abbe) February 24, 2025

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.

$DOGE is literally sitting on the support right now! IF it survives the market drop, it has all the chances to break out of this 1D falling wedge! The target is $0,44🎯

Trade #DOGE on Bitunix – https://t.co/GzXaATj3Ps and get a free $100 after your first $500 deposit! pic.twitter.com/hXXgWbpIQO

— Carl Moon (@TheMoonCarl) February 24, 2025

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.

#Dogecoin $DOGE broke out of a symmetrical triangle, targeting $0.197! pic.twitter.com/7pQ2pcXCTs

— Ali (@ali_charts) February 24, 2025

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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