As the larger part of the cryptocurrency market returns to sideways trading mode, Dogecoin (DOGE) is following the trend, and machine learning (ML) algorithms do not predict the situation to go any better for the dog meme token by the end of October either.
Keeping in mind the uneventful trading pattern of Dogecoin, Finbold has consulted the algorithms over at the cryptocurrency analytics and forecasting platform PricePredictions, which have set the price of DOGE at $0.060218 by October 31, 2023, as per data on October 6.
Indeed, should the above prediction, based on key technical analysis (TA) indicators like Bollinger Bands (BB), relative strength index (RSI), moving average convergence divergence (MACD), and others, come true, it would result in a 1.26% price decrease for DOGE from its current amount.
It is also worth noting that the price prediction algorithm over at the crypto analytics platform CoinCodex is even more bearish than that by PricePrediction, placing Dogecoin’s price at $0.053794 by October 31, 2023, which suggests a decrease of 11.79% if it proves correct.
DOGE price analysis
As for the current price of DOGE, at press time, it stood at $0.060986, which represents an increase of 0.11% in the last 24 hours, as it tries to reverse the loss of 1.13% across the previous seven days and a 4.41% decline from the past month, as the latest charts suggest.
All things considered, the current atmosphere in the crypto industry does seem to favor bearish sentiment in terms of DOGE price in the near future. However, it is important to remember that the price of any digital asset depends on multiple factors interacting with each other and that the situation could change at any point.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
