Dogecoin participates in the crypto market rally gaining by 8 percent with analysts making bullish predictions of up to $1.
AI predictions show that the Dogecoin price can rally further by 150 percent by the first month of 2024.
Over the last 24 hours, the broader cryptocurrency market has registered a euphoric rally gaining over 7.5 percent and adding more than $150 billion to investors’ wealth. With 12 percent gains, Bitcoin has been leading this price rally moving all the way to $35,000.
Altcoins too have joined the party with memecoin Dogecoin (DOGE) gaining over 8 percent today. At press time, DOGE is trading at $0.067 with a market cap of $9.5 billion. Crypto bulls are back into action predicting the Dogecoin price could reach $1.
Renowned crypto trader and market commentator, AngeloBTC, has made a bold prediction that is causing a stir in the crypto community. He believes that Dogecoin, the beloved meme-inspired cryptocurrency, is on the verge of reaching the coveted $1 milestone. This forecast comes as Dogecoin is experiencing a resurgence in popularity, further fueling speculation about its potential to achieve the long-anticipated $1 price tag.
Despite its origins as an internet meme, Dogecoin has weathered various ups and downs, and AngeloBTC’s prediction has rekindled enthusiasm for its future. However, for the DOGE price to reach $1 it needs to multiply 15x from the current levels. The current trading volumes don’t support this kind of mega bull run.
AngeloBTC is not the only analyst to expect the dogecoin price to rally to $1. Previously, other crypto market analysts have also made similar price predictions for the crypto. Crypto analyst Ali Martinez recently said:
A weekly candlestick close above $0.0835 could trigger the beginning of a new DOGE bull run, potentially toward $1. Yet, we must watch out for the $0.0482 support, as any sign of weakness around this level could lead to a new yearly low.
Dogecoin’s AI Prediction for 2023
As we approach the final quarter of the year, CoinCodex’s AI-powered price prediction algorithms have assessed the potential price trajectory of Dogecoin by December 31, 2023, and January 31, 2024, taking into account its year-to-date gain of 2.5 percent.
According to artificial intelligence projections, Dogecoin’s price is anticipated to reach $0.058715 per DOGE on December 31, 2023, representing a slight decrease from its current value.
However, the AI predicts a notable reversal in the following year, with DOGE’s price expected to reach $0.150189 by January 31, 2024, marking a substantial gain of approximately 150 percent from the end of 2023’s forecast.
At present, a challenging landscape is evident for DOGE investors, with 61 percent of DOGE addresses showing losses. Only 31 percent of the total DOGE holders are currently in a profitable position, while an additional 10 percent remain in a neutral position, leaving a significant 59 percent of Dogecoin holders in a losing position.
Despite these challenges, there is a silver lining as 72 percent of DOGE holders have maintained their positions for over a year, demonstrating a strong commitment to this digital asset. An additional 26 percent of holders have held DOGE for periods ranging from one month to 12 months, while 2 percent of holders have relatively shorter-term positions lasting less than a month.
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