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Crypto community with 74% historical accuracy sets DOGE price for February 28, 2023

Crypto community with 74% historical accuracy sets DOGE price for February 28, 2023

The 2021 bull run for Dogecoin (DOGE), pushed by its ardent followers, failed to propel the cryptocurrency to hit the $1 level, with the coin ultimately peaking at $0.74. By the summer of 2022, the price of a single Dogecoin had fallen to $0.05. However, it has recently made a little comeback and now trades at $0.092.

Yet, the cryptocurrency community at CoinMarketCap is bearish on the price of the coin for the end of February 2023, predicting it would be changing hands at an average price of $0.08841 on February 28, 2023, as per data retrieved on February 8. In comparison, the machine learning algorithms at PricePredictions indicate that the coin can potentially sustain gains in the coming weeks. The tool projects that Dogecoin will trade at $0.095 at the end of the month.

If the result of 877 member votes cast by press time, proves correct, the predicted price would represent a -3.83% or -$0.003517 increase compared to the price of the flagship digital asset at the time of publication. 

Social Dogecoin price estimate for February 28, 2023. Source: CoinMarketCap

The precision of community predictions in recent months has been relatively high, averaging 74% over the past six months, with the January 2023 predictions recording an accuracy rate of 84%, as data demonstrates.

Socia price estimate accuracy for Dogecoin 6-month. Source: CoinMarketCap

At the present price, as many as 62% of DOGE investors are profitable. The prospect of Dogecoin being integrated into Twitter’s payment channel has kept the optimism of these backers. 

DOGE price analysis

Meanwhile, the dog meme coin is currently changing hands at the price of $0.09216, up 0.98% over the last 24 hours and 0.63% across the previous week.

Dogecoin seven-day price chart. Source: Finbold

Elsewhere, the DOGE daily gauges at finance tracking website TradingView are largely undecided, with a summary in the ‘neutral’ zone at 9, the result of oscillators also pointing towards ‘neutral’ at 8, whereas moving averages (MA) suggest ‘sell’ at 8.

Dogecoin 1-day technical analysis. Source: TradingView

Twitter and DOGE

To attract users and members of the cryptocurrency community who aren’t interested in using traditional fiat, Twitter might provide support for Dogecoin as a payment method. A larger number of Dogecoin transactions and user participation might result from this. 

Payments made using Dogecoin may also be processed more quickly and at a lower cost than with other methods, further improving the user experience. However, as of the time this article was published, Twitter has not revealed any specific intentions to include dogecoin as a payment option.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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