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One cryptocurrency analyst predicted a huge event Dogecoin (DOGE) Price Rising The price of the meme king is expected to reach $24 in the near term. While this price target may seem ambitious Dogecoin is currently trading at less than $1The analyst remained confident, suggesting that a rise to this target will shock skeptics.
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Dogecoin is eyeing a price target of $24
The price of Dogecoin has been trading below $1 for years now, and has been experiencing significant price fluctuations Attempts To break out of key resistance levels and break out of current bearish positions. In contrast to Shiba Inu (SHIB), its biggest meme competitor Saw impressive gains Recently, Dogecoin has seen significant price drops that have left only a few investors with no choice filtering Their property.
Amid this downtrend, a cryptocurrency analyst, known as “CEO” on X (formerly Twitter), has revived optimism among investors. Dogecoin community members With a new bullish outlook for the cryptocurrency. The analyst has subscriber What he describes as “the ultimate Dogecoin chart,” he expects the meme coin to reach $24 soon.
In the Dogecoin chart, the analyst revealed the cryptocurrency Past price movementshighlighting two instances where the memecoin experienced long downward trends before seeing a massive price surge. Based on Dogecoin’s current price action, the meme coin appears to be displaying similar historical conditions that suggest a… An upward rally may be imminent. According to the CEO, this potential upside could take DOGE to $24.
Is it possible to increase the price of Dogecoin by $24?
Given how high Dogecoin’s price was at $24, the CEO acknowledged that many people might question such a bullish outcome. However, he expressed strong confidence in this prediction, asserting that Dogecoin skeptics will be proven wrong when the meme reaches this milestone.
with Dogecoin price Currently trading at $0.13, it is understandable why many investors are skeptical of the meme coin reaching its $24 target price. Achieving this ambitious feat would require the cryptocurrency king to rise about 18,362% from its current price – an unusual jump that is likely to occur during periods of intense demand and bullish sentiment that typically appears during periods of… Strong bull markets.
Additionally, a $24 rise in Dogecoin’s price would also require its market cap to reach trillions of dollars. As of the time of writing, Dogecoin has a market capitalization of $19.6 billion, meaning it will need to surpass that. Bitcoin market value It is currently $1.3 trillion to reach this price level.
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Data from CoinMarketCap shows that the price of Dogecoin has seen a 6.41% decline over the past seven days and a further 4.37% decline over the past 24 hours. The cryptocurrency is currently trading at $0.134, with derivatives included Data From Coinglass it turns out that Open interest for Mimi coin It fell by 9.65% but also rose by 24.2% in terms of trading volume.
Featured image from Newsweek, chart from TradingView
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