Skip to content

Machine learning algorithm sets Dogecoin price for February 28, 2023

Machine learning algorithm sets Dogecoin (DOGE) price for February 28, 2023
Paul L.

Meme cryptocurrency Dogecoin (DOGE) has sustained steady growth in 2023, capitalizing on the general market rally. With the ninth-ranked cryptocurrency by market capitalization leading the charge among meme coins, investors are keen on its future price trajectory, especially with the coin aiming to reclaim the highs of 2021. 

The crypto community at CoinMarketCap, with 74% historical accuracy, sets the DOGE price for the end of February 2023, predicting it would be changing hands at an average price of $0.08841.

Elsewhere, the machine learning algorithms at the crypto tracking platform PricePredictions 30-day forecast indicate that Dogecoin can potentially sustain gains in the coming weeks. The tool projects that Dogecoin will trade at $0.095 by February 28, representing a price rally of about 4% from the value at the time of publishing.

Dogecoin 30-day price forecast chart. Source: PricePredictions

In coming up with the price projection, the tool puts into consideration technical indicators, such as the Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), and others.

DOGE price analysis

By press time, Dogecoin was trading at $0.091, recording daily losses of over 3%. However, the coin is up over 7% on the weekly chart. 

Dogecoin seven-day price chart. Source: Finbold

Despite Dogecoin’s registered losses on the daily chart, DOGE’s one-day technical analysis is exhibiting bullish sentiments. A summary of the gauges is for ‘buy’ sentiment at 15 while moving averages are going for a ‘strong buy’ gauging at 13. Elsewhere, oscillators are recommending ‘buy’ at 2.

Dogecoin technical analysis. Source: TradingView

Can Dogecoin sustain gains?

As things stand, Dogecoin has no decisive bullish trigger besides depending on the general crypto market price movement. However, the asset is lining up for possible price growth after the latest development around Twitter’s (NASDAQ: TWTR) association with cryptocurrencies alongside CEO Elon Musk. 

Notably, previously, Dogecoin rallied significantly following Musk’s acquisition of Twitter, with the speculation DOGE being integrated as a payment option on the social media platform.

Indeed, this dream is on the verge of being realized after reports emerged that Twitter is working on regulations to roll out payment plans involving cryptocurrencies. 

At the same time, high net-worth investors are bullish about the future of Dogecoin by continuing accumulation. In particular, data from on-chain analytics from Santiment indicates that there were 523 transactions on the Dogecoin blockchain above $100,000 at the end of January.

Dogecoin on-chain activity. Source: Santiment

At the same time, the number of daily active addresses on the network surged to 86,400.

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

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Services

IMPORTANT NOTICE

Finbold is a news and information website. This Site may contain sponsored content, advertisements, and third-party materials, for which Finbold expressly disclaims any liability.

RISK WARNING: Cryptocurrencies are high-risk investments and you should not expect to be protected if something goes wrong. Don’t invest unless you’re prepared to lose all the money you invest. (Click here to learn more about cryptocurrency risks.)

By accessing this Site, you acknowledge that you understand these risks and that Finbold bears no responsibility for any losses, damages, or consequences resulting from your use of the Site or reliance on its content. Click here to learn more.