As 2023 is almost here, the cryptocurrency market participants are starting to look at what the new year will bring for the largest digital assets, including Dogecoin (DOGE), which has been suffering the consequences of the FTX crash along with most other crypto tokens.
With this in mind, the machine learning algorithms at the crypto tracking platform PricePredictions have projected that Dogecoin will be changing hands at the price of $0.079835 on January 1, 2023, according to data retrieved by Finbold on December 16.
Taking into account technical indicators such as moving averages (MA), relative strength index (RSI), moving average convergence divergence (MACD), Bollinger Bands (BB), and others, the platform predicts a decrease of 3.49% from the DOGE price of $0.08272 at press time.
Bears versus bulls
Notably, the sentiment expressed on 1-day gauges over at TradingView is largely negative as well, its summary currently in the ‘sell’ zone at 14 as oscillators indicate ‘neutral’ at 8 and moving averages point to ‘strong sell’ at 12.
The bearish predictions arrive despite Dogecoin earlier recording an uptick in trading activity, after crypto traders made 38 whale transactions defined as DOGE trades worth at least $1 million, at a price level of around $0.087, as Finbold reported.
On the other hand, the crypto community at CoinMarketCap is bullish on the price of DOGE for the turn of the year, with collective votes of its members estimating that the price of Dogecoin on December 31, 2022, will stand at $0.098.
Dogecoin price analysis
As things stand, the dog meme token is currently trading at the price of $0.08272, which demonstrates a decline of 5.04% over the previous 24 hours, along with a 15.79% drop across the week, and a $3.31 decrease compared to 30 days before.
With a market capitalization of $10.98 billion, Dogecoin has assumed the position of the eighth-largest digital asset among the top 100 cryptocurrencies by this indicator, unseating the previous holder of this place, Cardano (ADA).
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Source: https://finbold.com/machine-learning-algorithm-sets-doge-price-for-january-1-2023/