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 token aiming to reclaim the highs of 2021.
In this line, 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.
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 token is up over 7% on the weekly chart.
Despite Dogecoin’s registered losses on the daily chart, the token’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.
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 of the token 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.
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.
Source: https://finbold.com/machine-learning-algorithm-sets-dogecoin-price-for-february-28-2023/