Dogecoin Price To $24? Analyst Says No One Will Believe It Until It Happens

Share This Post

A crypto analyst has forecasted a massive price surge for Dogecoin (DOGE), predicting that the king of meme coins will hit a whopping $24 in the near term. While this price target may seem ambitious with Dogecoin currently trading below $1, the analyst has remained confident, indicating that a surge to this target would shock skeptics. 

Dogecoin Eyes $24 Price Target 

The Dogecoin price has been trading below $1 for years now, experiencing significant price fluctuations as it attempts to break out of key resistance levels and move past current bearish positions. In contrast to Shiba Inu (SHIB), its top meme coin competitor which has seen impressive gains recently, Dogecoin has experienced substantial price declines that have left a few investors no choice but to liquidate their holdings. 

Amidst this bearish trend, a crypto analyst, identified as ‘CEO’ on X (formerly Twitter) has rekindled optimism among Dogecoin community members with a new bullish prediction for the cryptocurrency. The analyst has shared what he describes as the “ultimate Dogecoin chart,” where he projects that the meme coin could reach $24 soon.

In the Dogecoin chart, the analyst disclosed the cryptocurrency’s past price movements, highlighting two instances where the meme coin experienced prolonged bearish trends before breaking out into a massive price surge. Based on Dogecoin’s current price action it seems the meme coin is displaying similar historical conditions that suggest that a bull rally might be imminent. And according to the CEO, this potential bull rally could see DOGE hitting $24. 

Is A $24 Dogecoin Price Increase Possible?  

Given how lofty a $24 price for Dogecoin might seem, the CEO has acknowledged that many people would doubt such a bullish outcome. Nevertheless, he expressed strong confidence in this prediction, asserting that Dogecoin skeptics will be proven wrong when the meme coin reaches this milestone. 

With Dogecoin’s price presently trading at $0.13, it’s understandable why many investors would be skeptical of the meme coin reaching a $24 price target. Achieving this ambitious milestone would require the king of meme coins to surge approximately 18,362% from its current price — an extraordinary leap 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 surge for Dogecoin would also require its market capitalization to reach trillions of dollars. As of writing, Dogecoin’s market cap sits at $19.6 billion, meaning it would need to surpass Bitcoin’s market capitalization which is currently $1.3 trillion to hit this price level. 

Data from CoinMarketCap shows that the Dogecoin price has experienced a 6.41% decrease over the past seven days and another 4.37% decline in the last 24 hours. The cryptocurrency is currently trading at $0.134, with derivatives data from Coinglass showing that the meme coin’s open interest is down by 9.65% but also up by 24.2% in terms of trading volume. 

Featured image from Newsweek, chart from TradingView

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

‘Dino Coins’ Roar Back: XRP, XLM, and ADA Lead the Charge in Weekend Gains

Coins colloquially labeled as “dino coins” have dominated the weekend’s crypto gains, with XRP, XLM, and ADA enjoying substantial upticks over the past 24 hours Leading this

Ethereum Sees $1.4 Billion In Exchange Outflows This Week – Strong Accumulation Trend?

Ethereum has faced a challenging start to the year, shedding 15% from its recent local highs and dipping to a low of $3,157 The altcoin leader’s decline comes amid heightened market volatility and

Crypto ATM Numbers Approach Record High: A Steady Recovery After Industry Shocks

After a turbulent 2023 followed by a recovery in 2024, the global count of crypto-automated teller machines (ATMs) is inching closer to its former high of 39,958, achieved on Dec 1, 2022 Crypto ATMs

Cardano (ADA) Price Prediction For January 12

The post Cardano (ADA) Price Prediction For January 12 appeared first on Coinpedia Fintech News ADA, the native token of the Cardano blockchain, is poised for significant upside momentum after

$7,000 Ethereum In Sight? Expert Breaks Down The Potential Path

There is a reason for Ethereum fans to be optimistic, as expert analysis suggests that the cryptocurrency is going to touch the skies in the coming months As Bitcoin has just crossed $94,000,

Analyst Says This Leading Meme Coin Is Set For 115% Explosion – It’s Not Dogecoin Or Shiba Inu

Meme coins Dogecoin and Shiba Inu have dominated bullish predictions from crypto analysts in recent weeks, with many analysts predicting new all-time highs, especially for Dogecoin However, according