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A crypto analyst has predicted a huge one price increase for Dogecoin (DOGE), predicting that the king of meme coins will reach as much as $24 in the short term. Although this price target may seem ambitious Dogecoin is currently trading below $1The analyst has remained confident, indicating a move higher towards this target would shock skeptics.
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Dogecoin Eyes $24 price target
The Dogecoin price has been trading below $1 for years and experiences significant price fluctuations attempts to break out of the key resistance levels and move past the current bearish positions. Unlike Shiba Inu (SHIB), the biggest meme coin competitor, which has seen impressive gains Recently, Dogecoin has experienced significant price drops leaving a few investors with no choice but to do so liquidate their belongings.
Amid this bearish trend, a crypto analyst identified as “CEO” on X (formerly Twitter) has reignited investor optimism. Members of the Dogecoin community with a new bullish forecast for the cryptocurrency. The analyst has shared what he describes as the “ultimate Dogecoin chart,” predicting that the meme coin could soon reach $24.
In the Dogecoin chart, the analyst made the cryptocurrencies public past price movementshighlighting two examples where the meme coin experienced prolonged bearish trends before erupting into a massive price surge. Based on Dogecoin’s current price action, it appears that the meme coin is exhibiting similar historical conditions that indicate that: A bull rally could be imminent. And according to the CEO, this potential bull rally could allow DOGE to reach $24.
Is a $24 Dogecoin Price Increase Possible?
Given how lofty a price of $24 seems for Dogecoin, the CEO has acknowledged that many people would doubt such a bullish outcome. Nevertheless, he expressed great confidence in this prediction, claiming that Dogecoin skeptics will be proven wrong when the meme coin reaches this milestone.
Of The price of Dogecoin Currently, the meme coin’s price is trading at $0.13. Understandably, many investors are skeptical about the meme coin reaching a $24 price target. To reach this ambitious milestone, the king of the meme coins would need to rise approximately 18,362% from its current price – an extraordinary jump that would likely occur during periods of intense demand and bullish sentiment that typically occur during strong bull markets.
Additionally, a $24 price increase for Dogecoin would also require the company’s market cap to reach trillions of dollars. At the time of writing, Dogecoin’s market cap is $19.6 billion, which means it should surpass the market cap. Bitcoin’s market capitalization which is currently $1.3 trillion to reach this price level.
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Data from CoinMarketCap shows that the Dogecoin price has experienced a decline of 6.41% in the last seven days and another 4.37% in the last 24 hours. The cryptocurrency is currently trading at $0.134, with derivatives facts from Coinglass showing that the the open interest of meme coins is down 9.65%, but also up 24.2% in terms of trading volume.
Featured image from Newsweek, chart from TradingView
