Cryptocurrency analyst predicted massive Dogecoin (DOGE) price escalate they predict that the king of meme coins will reach a whopping price of $24 in the near future. Although this price target may seem ambitious Dogecoin is currently trading below $1the analyst remains confident, pointing out that the surge towards this goal will shock skeptics.

Dogecoin Eyes price target is $24

The price of Dogecoin has remained below $1 for years, experiencing significant price fluctuations as a result trying break key resistance levels and move beyond current bearish positions. Unlike Shiba Inu (SHIB), its main meme coin competitor recorded impressive profits Recently, Dogecoin has experienced significant price drops that have left several investors with no other choice liquidate their farms.

Amid this bearish trend, a crypto analyst identified as “CEO” on X (formerly Twitter) has reignited optimism among Members of the Dogecoin community with a novel bullish forecast for the cryptocurrency. The analyst does common what he describes as the “definitive Dogecoin chart” where he predicts the meme coin could hit $24 soon.

On the Dogecoin chart, the analyst revealed the cryptocurrency past price movementshighlighting two instances where the meme coin saw long-term downtrends followed by a massive price escalate. Based on Dogecoin’s current price action, it appears that the meme coin is exhibiting similar historical conditions that suggest a bull rally may be imminent. According to the CEO, this potential bullish rally could push DOGE to $24.

Is it possible for Dogecoin to escalate by $24?

Considering how high Dogecoin’s $24 price may seem, the CEO admitted that many people would doubt such a bullish outcome. Nevertheless, he expressed great confidence in this prediction, assuring that Dogecoin skeptics will be proven wrong once the meme coin reaches this milestone.

WITH Dogecoin price currently trading at $0.13, it is understandable why many investors would be skeptical of the meme coin reaching its $24 price target. Reaching this ambitious milestone would require the meme king’s price to escalate by approximately 18,362% from its current price – an unusual jump that would likely occur during periods of intense demand and bullish sentiment typically seen during powerful bull markets.

In addition to this, a $24 escalate in Dogecoin’s price would also require its market capitalization to reach trillions of dollars. As of this writing, Dogecoin’s market capitalization is $19.6 billion, which means it would have to exceed Bitcoin market capitalization which currently stands at $1.3 trillion to reach that price point.

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

Featured image from Newsweek, chart from TradingView