A crypto analyst has predicted a huge Dogecoin (DOGE) price increase, predicting that the king of meme coins will reach a whopping $24 in the short term. While this price target may seem ambitious with Dogecoin is currently trading below $1The analyst remains confident, indicating that an increase toward this goal would surprise skeptics.
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Dogecoin eyes $24 price target
Dogecoin price has been trading below $1 for years, experiencing major price fluctuations as attempts to break key resistance levels and overcome current bearish positions. Unlike Shiba Inu (SHIB), its main meme coin competitor which has seen impressive gains Recently, Dogecoin has seen substantial price drops that have left some investors no choice but liquidate their holdings.
Amid this bearish trend, a crypto analyst, identified as ‘CEO’ at X (formerly Twitter) has reignited optimism among Dogecoin Community Members with a new bullish prediction for the cryptocurrency. The analyst has shared what he describes as the “definitive Dogecoin chart,” where he projects that the meme coin could hit $24 soon.
On Dogecoin Chart, Analyst Revealed Cryptocurrency past price movementshighlighting two cases where the meme coin experienced prolonged downtrends before exploding into a massive price surge. Based on Dogecoin’s current price action, it appears that the meme coin is displaying similar historical conditions that suggest a Bullish rally could be imminent. And according to the CEO, this possible bullish rally could see DOGE hit $24.
Is a $24 Dogecoin Price Surge Possible?
Given how high a $24 price for Dogecoin could seem, the CEO has acknowledged that many people would doubt such a bullish outcome. However, he expressed great confidence in this prediction, stating that Dogecoin skeptics will be wrong when the meme coin reaches this milestone.
With Dogecoin Price Currently trading at $0.13, it is understandable why many investors would be skeptical about the meme coin reaching a price target of $24. Achieving this ambitious milestone would require the king of meme coins to surge approximately 18,362% from its current price, an extraordinary jump that would likely occur during periods of intense demand and bullish sentiments typically seen during strong bull markets.
In addition to this, a $24 price increase for Dogecoin would also require its market capitalization to reach trillions of dollars. At the time of writing, Dogecoin’s market capitalization is $19.6 billion, meaning it would need to surpass Bitcoin market capitalization which is currently 1.3 trillion dollars to reach this price level.
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Data from CoinMarketCap shows that Dogecoin price has seen a 6.41% decline in the last seven days and another 4.37% drop in the last 24 hours. The cryptocurrency is currently trading at $0.134, with derivatives data from Coinglass showing that the currency open interest meme is down 9.65% but also up 24.2% in terms of trading volume.
Featured image from Newsweek, chart from TradingView
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