Bitcoin

No One Will Believe It Until It Happens

2 Mins read

Este artículo también está disponible en español.

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. 

Related Reading

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. 

DOGE market cap currently at $19.7 billion. Chart: TradingView

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. 

Related Reading

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


Source link

Related posts
Bitcoin

Why Has Shiba Inu's (SHIB) Price Skyrocketed by 25% Today?

2 Mins read
TL:DR; Shiba Inu is among the top three best-performing assets in the cryptocurrency industry today, surging by over 25% to a multi-month…
Bitcoin

Bitcoin Price Analysis: BTC Passes $77k For First Time After Trump Election Win As Traders Turn To This PolitiFi Token For 10X Gains

2 Mins read
Join Our Telegram channel to stay up to date on breaking news coverage The Bitcoin price climbed 1% in the last 24…
Bitcoin

Crypto Analyst Blasts 160% Breakout Alarm For This Meme Coin – It's Not Dogecoin Or Shiba Inu

2 Mins read
The crypto industry is reveling in bullish sentiment, with most meme coins also participating in the action. Notably, a crypto analyst on…

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *