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As most of the cryptocurrency market enters a sideways trading mode, Dogecoin (DOGE) continues to follow this trend. Machine learning (ML) algorithms predict that the situation of the biggest memecoin will worsen by the end of October, sounding the alarm for DOGE’s price.
Price Prediction Algorithms Say “Dogecoin’s Price Will Drop”
Cryptocurrency analysis and prediction platform PricePredictions foresees that Dogecoin’s smooth and low-volatility price movements will continue. PricePredictions’ forecast indicates that DOGE will be priced at $0.060218 on October 31, 2023.
This price prediction, based on Bollinger Bands (BB), Relative Strength Index (RSI), Moving Average Convergence Divergence (MACD), and other popular technical analysis (TA) indicators, corresponds to a 1.79% price drop at current prices for DOGE.
On the other hand, another cryptocurrency analysis and prediction platform, CoinCodex, offers a price prediction algorithm that suggests a bigger drop than PricePredictions. CoinCodex predicts that Dogecoin will drop to $0.053794 by October 31, 2023. This price prediction corresponds to an 11.79% drop for DOGE at current prices.
Current Situation of DOGE
At the time of writing, Dogecoin’s price is trading at $0.06096, experiencing a 0.41% decrease in the last 24 hours. Data shows that DOGE has already been in a downward trend, with a 0.66% decrease in the last 7 days and a 3.10% decrease in the last 30 days. While many cryptocurrencies have been rising since the beginning of the year, the memecoin has dropped by 13.19%.
The price drop forecast for Dogecoin by cryptocurrency analysis and prediction platforms seems to be supported by the current atmosphere in the cryptocurrency market. However, it should be noted that the price of any cryptocurrency is dependent on multiple interconnected factors and the situation can change at any point.
