Amid an exceptionally volatile period for the majority of assets in the cryptocurrency sector, Dogecoin (DOGE) is having trouble staying on course, with advanced machine learning and artificial intelligence (AI) algorithms not seeing much improvement in the following weeks.
As it happens, Dogecoin has followed the rest of the crypto market, including the industry’s representative – Bitcoin (BTC) – in making a significant price recovery in a single day after a particularly difficult week that has witnessed various other markets around the world dipping.
AI DOGE price prediction
So, how high can Dogecoin go? Not a lot – in fact, the opposite, at least if you ask the AI algorithm deployed by crypto monitoring and forecasting platform PricePredictions, which projects DOGE price to continue declining towards the end of this month, with an expected drop to $0.084256 by August 31, 2024.
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In other words, the advanced algorithm, which relies on technical analysis (TA) pointers such as average true range (ATR), relative strength index (RSI), moving average convergence divergence (MACD), Bollinger Bands (BB), and others, foresees a decline of 13.97% from DOGE’s current price.
Dogecoin price analysis
Meanwhile, Dogecoin was at press time changing hands at the price of $0.09793, recording an 10.64% increase in the last 24 hours, whereas dipping 24.56% across the previous seven days and accumulating a loss of 10.27% on its monthly chart, according to the latest data retrieved on August 6.
It is also worth noting that AI algorithms are not alone in predicting a decline for DOGE in the upcoming weeks. Indeed, crypto trading analyst CryptoKaleo has forecast an even bigger drop to below $0.07, followed by a “few months of chop before full send to fulfill the prophecy of $1.00+” and “no more pain.”
All things considered, the current situation is too volatile to make any definite DOGE price projections, but it seems that both crypto experts and AI algorithms agree that the period of “pain” is not yet over. However, trends can change, so doing one’s own research is critical when investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
