Bitcoin (BTC) and Ethereum (ETH) are experiencing a bit of a hangover after the recent market rally. Both cryptocurrencies have dipped roughly 5%, injecting some turbulence back into the market.
Despite this pullback, the overall sentiment remains cautiously optimistic. Investors are still eyeing potential gains, but with a newfound awareness of the crypto market’s characteristic volatility.
Meme coin Dogecoin (DOGE) has capitalized on this momentum, breaching key resistance levels and chasing the coveted $1 mark.
Forecasting DOGE’s potential trajectory
In an endeavor to forecast Dogecoin’s potential trajectory by the end of April, Finbold enlisted insights from artificial intelligence (AI)-driven predictive machine learning algorithms.
The AI analysis presents a not-so-optimistic outlook for Dogecoin’s price, anticipating a moderate decrease.
Their prediction model suggests that the DOGE price could reach $0.161 by the conclusion of April, reflecting a potential decrease of -16.15% from its current price of $0.192.
Dogecoin price analysis
Dogecoin has encountered a hurdle in its upward climb. Previously trading above the crucial $0.20 support zone on April 7, price has since dipped below this level. This raises concerns about its ability to maintain momentum and reach the anticipated $0.30 mark.
At the time of reporting, Dogecoin’s current price stands at $0.192. Despite experiencing a slight increase of 0.97% for the day, this uptick adds to a broader trend of growth, with a 3.83% increase over the past week.
Notably, this upward momentum has persisted over the past month, with a significant increase of 11.17%.
However, it’s important to remember Dogecoin’s impressive performance so far this year, with a surge of 129.27%.
The price has already doubled, showcasing its potential for significant rallies.
Insights from Dogecoin’s co-founder
Billy Markus, co-founder of Dogecoin, shared on X (formerly Twitter) a screenshot of his investment portfolio, revealing declines across major assets, including the S&P 500, BTC, ETH, and, DOGE.
This tweet highlighted the heightened sensitivity of crypto enthusiasts to even minor market fluctuations.
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-april-30-2024/