Machine Learning Algorithm Predicts Dogecoin Price For May 2024
2024年5月1日 - 10:30PM
NEWSBTC
As April comes to a bearish close, expectations for Dogecoin in May
are not exactly bullish, especially as the crypto market has
continued to fall. DOGE has been one of the main losers during this
time, falling below $0.14. This underperformance is expected to
continue as the machine learning algorithm at CoinCodex predicts
further decline for the meme coin. Algorithm Predicts Another 13%
Decline Despite the Dogecoin price already suffering a notable 14%
decline in the last week, the machine learning algorithm believes
it will fall another 13% in the month of May. The machine learning
algorithm, which takes a number of metrics into consideration,
presented that the DOGE price remains very bearish despite the
market still sitting in greed. For the month of May, the algorithm
expects the meme coin’s price to decline by a total of 13.66% from
here, falling below $0.13 to $0.1238. Even on the shorter term, the
Dogecoin price remains bearish with an expected 1% decline to $0.14
in the next five days. On the broader timeframe, expectations for
the meme coin are not high as the machine learning algorithm does
not expect the cryptocurrency to reach a new all-time high until
2029. For the year 2025, it gives the meme coin a yearly high of
over $0.66, which is less than its current all-time high price of
$0.7. The next two years after this are expected to be bearish as
the price is predicted to fluctuate around $0.126 and $0.25. Then,
a new all-time high price of $1.4 is expected. If this plays out,
then it would mean that Dogecoin investors would have to wait
another five years to see new peaks. Dogecoin Metrics Tell A
Different Story While the machine learning algorithm remains
bearish, the Dogecoin metrics have been painting a picture of
bullishness. For example, there has been a steady increase in the
Dogecoin trading volume, rising 28% in the last day alone. This
suggests a return of investor interest and if it translates into
demand, it could see the price rise rapidly from here. There has
also been an accumulation trend for the meme coin, especially among
whales. One whale, in particular, withdrew 226 million DOGE from
the Robinhood exchange in two transactions. Usually, when investors
move coins from exchanges to private wallets, it means they are
accumulating for better prices. This could signal a turn in the
tide. However, at the time of writing, the Dogecoin price is still
struggling at $0.135, with a 4% drop in the last 24 hours. A
reversal from here could see DOGE retest the $0.15 resistance. But
a breakdown could send it back toward $0.12. DOGE price breaks down
below $0.14 | Source: DOGEUSDT on Tradingview.com Featured image
from Bitcoinist, chart from Tradingview.com
Dogecoin (COIN:DOGEUSD)
過去 株価チャート
から 4 2024 まで 5 2024
Dogecoin (COIN:DOGEUSD)
過去 株価チャート
から 5 2023 まで 5 2024