A well-known cryptocurrency influencer shared an optimistic outlook on Dogecoin DOGE/USD on Monday, predicting a massive upside similar to previous bullish cycles.
What Happened: Cas Abbé took to X to compare the current state of the dog-themed meme coin with its performance in the third quarter of 2024 and the fourth quarter of 2023.
He pointed out that in both instances, Dogecoin experienced a breakout from the descending channel resulting in a rally of over 150%. Typically, a breakout above the upper trendline of the channel is considered bullish.
“I know sentiment for memes is down a lot, but DOGE has been in this space for a decade and will continue to be here,” Abbé opined. “A $1 DOGE is a realistic price target for this cycle.”
He spotted a ‘buy’ signal from the TD Sequential indicator on Dogecoin’s 4-hour chart, projecting a potential rebound.
See Also: PlanB Shifts Bitcoin Holdings To ETFs Saying He’s No Longer A ‘Maxi’ — Peter Schiff Reacts: Apex Crypto ‘Not Fulfilling Its Supposed Purpose’
Why It Matters: The bullish predictions arrive at a time when the sentiment for cryptocurrencies like Dogecoin is low.
The world’s largest meme coin was down 5.53% over the week, and over 34% in a month, precipitated by broader macroeconmic factors like President Donald Trump’s tariff war.
Interestingly, the amount of DOGE held by long-term holders of the coin dipped by 0.88%, according to IntoTheBlock, indicating sell-offs by high-conviction investors
Price Action: At the time of writing, DOGE was exchanging hands at $0.25, down 4.13% in the last 24 hours, according to data from Benzinga Pro.
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