The original meme coin, Dogecoin (DOGE) has been rapidly regaining prominence thanks to a major rally it has been experiencing in the last 7 days.
Indeed, the popular cryptocurrency is up 24.72% within the time frame and boasts a press time price of $0.17 – its highest since May, if the latest peaks are disregarded.
One of the bigger drivers of the surge – as befits a meme coin – has been Elon Musk’s appearance at Donald Trump’s recent New York rally and likely role in the administration as part of the Department of Governmental Efficiency – D.O.G.E.
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Still, with all cryptocurrencies being known for their volatility – and few being as unstable as the joke-based coins and tokens – the momentum could shift at any moment and, seeking clarity for investors, Finbold consulted an advanced artificial intelligence (AI) model about how Dogecoin might fare by the end of the year.
AI sets Dogecoin price for the end of 2024
The advanced AI – ChatGPT-4o – identified three key factors for DOGE price in the final months of 2024 when assessing the cryptocurrency: the current momentum, investor activity, and adoption.
ChatGPT noted Dogecoin’s uptrend and indicated the potential for a bullish moving average convergence/divergence (MACD), noting it could – provided DOGE finds a footing above $0.18 – rally between 90% and 180%.
As for investors, the AI was particularly focused on whale activity and significant network inflows that have been observed recently, and it concluded that the cryptocurrency market sentiment is highly positive toward the meme coin.
Finally, ChatGPT highlighted technical developments such as LibDogecoin and GigaWallet as beneficial for the ecosystem’s overall strength and signaled it believes they can significantly bolster DOGE adoption.
The positive impact would, per the AI, become particularly strong should other prominent merchants join the likes of Tesla (NASDAQ: TSLA), AMC (NYSE: AMC), and GameStop (NYSE: GME) in accepting Dogecoin as payment.
Despite the generally positive analysis, ChatGPT-4o proved cautious in setting the price target. It noted that there is a strong potential for a rally, particularly if the $0.18 resistance level is decisively overcome, and that DOGE may surge to between $0.18 and $0.22 by the end of 2024.
On the other hand, the AI warned that a rejection of the rally could lead Dogecoin back down to $0.12 by the New Year.
Crypto experts highly bullish about DOGE price
While ChatGPT was optimistic in its assessment but cautious with the price target, prominent cryptocurrency analysts have been providing highly bullish predictions for Dogecoin’s next move.
Jake Wujastyk, for example, recently noted that DOGE is ‘coiling like a massive spring’ and now holds the range between $0.2145 and $0.2295 as its next target in an October 29 X post.
Elsewhere, Ali Martinez, who previously predicted the climb above $0.17, likewise noted on October 29 that Dogecoin is ‘on target’ while implying a further upside is ahead.
On the same day, the popular analyst known as Crypto Knight 890 simply stated that the meme coin is now headed for $0.20.
In the past year, DOGE has surged by 148%, outperforming 71% of the top 100 crypto assets, including major players like Bitcoin and Ethereum.
Currently trading above the 200-day simple moving average with 19 green days in the last 30 (63%), DOGE is well-positioned to gain momentum in the final months of the year, especially as Bitcoin (BTC) approaches a potential new all-time high.
Featured image:
Chinnapong. Dogecoin Doge coin cryptocurrency. Digital Image. Bangkok, Thailand – June 16, 2021. Shutterstock, June 20, 2021. Date retrieved: October 30, 2024.
