Analyst Predicts Dogecoin Could Reach $24 Amid Current Price of $0.134
A crypto analyst has predicted a significant price surge for Dogecoin (DOGE), forecasting it could reach $24. This target is ambitious, considering Dogecoin currently trades below $1, but the analyst remains confident that such a rise would surprise skeptics.
Dogecoin Eyes $24 Price Target
Dogecoin has traded below $1 for years, facing substantial price fluctuations while attempting to break key resistance levels. Unlike Shiba Inu (SHIB), which has seen notable gains recently, Dogecoin has experienced significant declines, leading some investors toliquidate their holdings. Amid this bearish trend, an analyst known as ‘CEO’ on X (formerly Twitter) has reignited optimism among Dogecoin community members by sharing a chart predicting a potential rise to $24.
The analyst's chart highlights past price movements, showing two instances where Dogecoin transitioned from prolonged bearish trends to significant surges. Current price actions suggest similar historical conditions might lead to a bull rally, potentially pushing DOGE to $24.
Is A $24 Dogecoin Price Increase Possible?
While a $24 price for Dogecoin seems high, the CEO acknowledges skepticism surrounding this prediction. He maintains confidence that Dogecoin will defy expectations when it reaches this milestone. Currently trading at $0.13, achieving $24 would require an approximately 18,362% increase, a leap typically observed during periods of strong demand in bull markets.
This price surge would also necessitate Dogecoin's market capitalization to reach trillions of dollars. Presently, Dogecoin's market cap is $19.6 billion, meaning it would need to exceed Bitcoin’s market capitalization of $1.3 trillion to achieve this price level.
Data from CoinMarketCap indicates that Dogecoin has decreased by 6.41% over the past week and 4.37% in the last 24 hours, now trading at $0.134. Additionally, derivatives data from Coinglass show a 9.65% decline in open interest, with a 24.2% increase in trading volume.
Featured image from Newsweek, chart from TradingView