The crypto community might take some encouragement from a recent artificial intelligence (AI) study that suggests Dogecoin (DOGE) could see a surge in price before year-end. The meme coin has plummeted with the rest of the cryptocurrency market in the past month, but the AI forecast indicates a positive turnaround might be in the cards.
Finbold pulled data from CoinCodex’s machine self-learning platform on March 7, which indicated that DOGE could reach a price of $0.097 by December 31, 2023. This would be a 76.2% gain from the current market value.
The forecast predicts that in a little over a month, on February 10, 2024, the coin could be trading as high as $0.89.
DOGE price analysis
At the time of writing, the coin was trading at $0.07, up 0.09% for the day and 8.4% since the start of the week. It has grown 94% since the beginning of the year, and is in the top 10 coins by market capitalization.
Dogecoin has support levels of $ 0.073829, $ 0.072847, and the strongest at $ 0.072204. Resistance levels are at $ 0.075454, $ 0.076098, and $ 0.077080. 92,000 addresses are holding 13.1 billion DOGE at the resistance area – bought at an average price of $0.086.
The technical analysis on one-day gauges at TradingView shows a bearish sentiment for DOGE, suggesting ‘sell’ at 15, with oscillators in the ‘neutral’ zone at 8 and moving averages (MA) pointing to ‘strong sell’ at 13.
Positive news surrounding Dogecoin, such as the recent statement made by Web3 domain supplier Unstoppable Domains that it plans to accept DOGE as a payment option for domain sales, may help drive the price of the cryptocurrency closer to the resistance level.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
