One cryptocurrency analyst predicts a significant jump in the price of Dogecoin (DOGE), predicting that the king of meme coins will reach a whopping $24 in the near future. While this price target may seem ambitious as Dogecoin currently trades below $1, analysts remain confident and the jump to this target will shock skeptics. suggests that it will give.
Dogecoin aims for $24 price target
Dogecoin price has been trading below $1 for years now, with significant price movements occurring as it attempts to break through key resistance levels and overcome its current bearish position. In contrast to top memecoin rival Shiba Inu (SHIB), which has made impressive gains recently, Dogecoin has experienced significant price declines, forcing a small number of investors to liquidate their holdings. It’s gone.
Amid this bearish trend, a crypto analyst known as “CEO” on X (formerly Twitter) reignited the optimism of Dogecoin community members with a new bullish prediction for the cryptocurrency. The analyst shares what he calls “the ultimate Dogecoin chart” and predicts that the meme coin could reach $24 soon.
Analysts revealed the cryptocurrency’s historical price movements in Dogecoin’s charts, highlighting two instances where the memecoin experienced an extended bearish trend before launching into a massive price spike. Based on Dogecoin’s current price trend, the memecoin appears to be exhibiting similar historical conditions that suggest a bull market rally may be imminent. And according to the CEO, DOGE could reach $24 in this potential bull run.
Is it possible for Dogecoin price to rise by $24?
The CEO acknowledged that many would doubt such a bullish outcome, given how high Dogecoin’s price of $24 seems. Nevertheless, he expressed strong confidence in this prediction and claimed that if the memecoin reaches this milestone, Dogecoin skeptics will be proven wrong.
With Dogecoin’s price currently trading at $0.13, it’s no wonder that many investors are skeptical that the memecoin will reach its $24 target price. To achieve this ambitious milestone, the king of meme coins would need to surge approximately 18,362% from its current price. This is an unusual rally that is likely to occur during periods of intense demand and bullish sentiment typically seen in strong bull markets.
In addition to this, the market cap would need to reach trillions of dollars for Dogecoin’s price to skyrocket by $24. At the time of writing, Dogecoin’s market cap is $19.6 billion, meaning that to reach this price level it would need to surpass Bitcoin’s market cap, which currently stands at $1.3 trillion.
According to data from CoinMarketCap, the price of Dogecoin has fallen by 6.41% in the past 7 days and by another 4.37% in the past 24 hours. The cryptocurrency is currently trading at $0.134, and Coinglass derivatives data shows memecoin’s open interest is down 9.65%, but trading volume is up 24.2%.
Featured images from Newsweek, charts from TradingView
