Machine learning algorithm sets Dogecoin price for April 30, 2023
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Machine learning algorithm sets Dogecoin price for April 30, 2023

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1 year ago

After Twitter CEO Elon Musk changed the social media app logo on its homepage to Dogecoin it spiked by about 30% Monday, April 3.

Machine learning algorithm sets Dogecoin price for April 30, 2023

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After Twitter (NYSE: TWTR) CEO Elon Musk changed the social media app logo on its homepage from its blue bird to the Dogecoin (DOGE) image, in turn, the price of the dog meme cryptocurrency spiked by about 30% Monday, April 3.

Dogecoin’s price had leveled off slightly by April 4, but it was still up nearly 24% in 24 hours,  selling at just under 10 cents per token, its highest price since early February.  With the hype around the dog coin, crypto traders and investors are now carefully watching for any more indicators suggesting that more growth is in the cards for Elon Musk’s favorite cryptocurrency coin.

With this in mind, Finbold has consulted the machine learning algorithms at the crypto tracking platform PricePredictions. As it happens, the algorithms using artificial intelligence (AI) technology predict that DOGE will be trading at $0.103899 on April 30, 2023, according to the latest data retrieved on April 4.

DOGE 30-day price forecast. Source: PricePredictions

This forecast, which represents a 6.12% increase from the meme coin’s price of $0.0979 at press time, relies on technical analysis (TA) indicators, such as moving averages (MA), moving average convergence divergence (MACD), Bollinger Bands (BB), relative strength index (RSI), average true range (ATR), and others.

In the short term, based on the Dogecoin technical analysis, it is in a bullish trend in the long term; as such, the price of DOGE is expected to increase by $0.0025 over the next seven days, reaching $0.10176 by April 11.

DOGE price analysis

As things stand, Dogecoin is currently trading at the price of $0.09819, recording an increase of 24.7% on the day and a more significant gain of 35.95% across the previous week. Recent data indicates that DOGE added over $3 billion to its market cap in the previous 24 hours and almost $4 billion in the last week.

DOGE 1-day price chart. Source: Finbold

Meanwhile, the DOGE sentiment on the one-day gauges at the finance and crypto monitoring website TradingView is bullish. Namely, its summary suggests a ‘strong buy’ at 16, resulting from oscillators pointing at a ‘neutral’ at eight and moving averages in the ‘strong buy’ zone at 14.

DOGE 1-day sentiment gauges. Source: TradingView

Finally, before Elon Musk made the move on Twitter, Finbold had named DOGE as one crypto to watch this week due to accumulation taking place and to watch this month under $0.10 as it has potential for growth after its developers recently announced a series of upcoming additional upgrades, such as support for QR codes, other languages, message signing, and Windows builds.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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