Dogecoin has had a pretty good May, climbing 30%, but will it keep going up? Not according to one prediction.
A Machine Learning Prediction
A machine learning algorithm from Coincodex is forecasting a downturn for Dogecoin by the end of May. The algorithm’s specific predictions are:
- May 28: $0.220052
- May 29: $0.217269
- May 30: $0.214764
- May 31: $0.213578
This means Dogecoin might give back some of its recent gains.
Still a Good Month Overall
Despite this prediction, May is still shaping up to be Dogecoin’s best month of the year. It’s on track for double-digit gains, a first for 2024. Previously, it only saw small gains in January and April.
June’s History: A Bearish Trend?
Looking ahead, history suggests June might not be kind to Dogecoin. The past eight years show mostly negative monthly closes for June. However, the two positive Junes in its history were big winners – so there’s still a chance for a surprise.
Signs of a Potential Pump?
Not everyone’s bearish on Dogecoin. Some analysts see potential for a price surge.
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RSI Indicator: Analyst Trader Tardigrade points to the Relative Strength Index (RSI) as suggesting a possible pump, potentially reaching $0.9. He even predicts a possible new all-time high!
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Key Resistance:
Analyst Ali Martinez highlights the $0.24-$0.26 range as a crucial resistance level. Breaking through could trigger a significant rally, potentially towards $0.46.
Current Price and Outlook
Currently, Dogecoin is trading around $0.22, slightly down for the day. Whether the algorithm’s prediction or the analysts’ optimism proves correct remains to be seen. The next few days will be crucial for Dogecoin’s May performance.