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Machine learning algorithm sets DOGE price for July 31, 2023

Machine learning algorithm sets DOGE price for July 31, 2023

Despite starting the week on a bullish note, the cryptocurrency market is now consolidating its gains, and this includes one of the most prominent meme cryptocurrencies, Dogecoin (DOGE), for which machine algorithms predict a slight price recovery towards the end of July.

Specifically, the advanced machine learning algorithms deployed by the crypto tracking and analytics platform PricePredictions have set the price of Dogecoin at $0.067428 for July 31, 2023, which represents a modest increase of 0.74% to its current price, according to the latest data retrieved by Finbold on July 5.

Dogecoin 30-day price forecast. Source: PricePredictions

As it happens, to arrive at the above prediction, the machine learning algorithm relies on the extensive analysis of multiple technical analysis (TA) indicators, including moving average convergence divergence (MACD), average true range (ATR), Bollinger Bands (BB), relative strength indicator (RSI), and others.

DOGE price analysis

Meanwhile, Dogecoin is currently changing hands at the price of $0.06693, which demonstrates a slight drop of 1.57% on the day, an increase of 4.12% across the previous week, and a loss of 6.41% over the past month, as the latest charts indicate.

Dogecoin 7-day price chart. Source: Finbold

Earlier, DOGE had a mini-run that led to it crossing the $0.07 level for the first time in four weeks, following the largest shorting of the digital asset in 2023 that occurred a week ago. However, the rate of discussions and interest has remained low, according to the data shared by crypto and blockchain analytics platform Santiment on July 4.

Dogecoin social dominance and funding rate. Source: Santiment

At the same time, the 1-day sentiment gauges over at the finance and crypto analytics platform TradingView are slightly bearish on DOGE, suggesting a ‘sell’ at 9 on their summary, which is the result of oscillators standing in the ‘neutral’ zone at 8 and moving averages (MA) showing a ‘sell’ at 7.

DOGE 1-day sentiment gauges. Source: TradingView

All things considered, the machine algorithm projects only a modest gain in the price of DOGE by the end of July, and the sentiment tilts more to the negative side. However, the situation could change based on general market atmosphere or developments directly connected to the asset itself.

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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