The largest memecoin, Dogecoin (DOGE), is struggling against the widespread selling pressure affecting the entire cryptocurrency market. Advanced machine learning and artificial intelligence (AI) algorithms do not predict a significant recovery for DOGE in the coming weeks.
AI’s DOGE Price Prediction
Dogecoin, along with Bitcoin (BTC), saw a significant price recovery in a single day after a tough week in the cryptocurrency market. However, according to the AI algorithm used by the crypto monitoring and prediction platform PricePredictions, DOGE’s price is expected to continue falling by the end of this month. The AI algorithm predicts that DOGE will drop to $0.084256 by August 31, 2024.
The AI algorithm bases this prediction on technical analysis indicators such as the Average True Range (ATR), Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and Bollinger Bands (BB). The indicated price is 13.97% below DOGE’s current price, suggesting a significant risk of decline.
Dogecoin Price Analysis
DOGE is trading at $0.09793 at the time of writing, having risen over 10% in the last 24 hours. However, the price has dropped by 25% over the weekly timeframe and 10% over the monthly timeframe. These data support the AI algorithms’ predictions.
In addition to AI algorithms, cryptocurrency analyst Kaleo also predicts that DOGE will fall below the $0.07 level. Kaleo stated that after this decline, a stagnation period lasting a few months will follow, and then DOGE will rise above the $1 level, entering a “painless” period.
It is not possible to provide a definitive price projection for DOGE. Both cryptocurrency experts and AI algorithms agree that the “painful” period for the memecoin is not over yet. However, it is important to remember that trends can change rapidly based on news flow.
