The meme cryptocurrency Dogecoin (DOGE) continued its steady growth in 2023, taking advantage of the overall market rally. With the ninth-ranked cryptocurrency by market cap taking the lead among meme coins, investors are keen on the future price trajectory, especially with the coin aiming to regain its 2021 highs.
The algorithm predicted Dogecoin price for February 28, 2023!
Accordingly, machine learning algorithms in crypto tracking platform PricePredictions 30-day forecast suggest that Dogecoin could potentially sustain gains in the coming weeks. The tool predicts that Dogecoin will trade at $0.095 by February 28, which represents a price rally of around 4% from the value at the time of publication.
Dogecoin 30-day price prediction chart. Source: Price Estimates
The tool takes into account technical indicators such as Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), relative strength index (RSI), and others when creating its price forecast.
DOGE price analysis
At press time, Dogecoin was trading at $0.091, posting daily losses of over 3%. However, the coin is up over 7% on the weekly chart.
Dogecoin seven-day price chart. Source: Finbold
Can Dogecoin sustain gains?
Currently, Dogecoin does not have a decisive bullish trigger aside from being tied to the overall crypto market price action. However, the asset is lining up for possible price hikes following the latest development on Twitter’s relationship with cryptocurrencies with CEO Elon Musk.
Previously, Dogecoin rose significantly following Musk’s acquisition of Twitter, with speculation that DOGE was integrated into the social media platform as a payment option.
Indeed, that dream is on the verge of fulfillment after reports surfaced that Twitter is working on regulations to implement payment schemes involving cryptocurrencies.
At the same time, high-net-worth investors are optimistic about the future of Dogecoin as they continue to save. Specifically, data from Santiment’s on-chain analysis shows that at the end of January, there were 523 transactions worth over $100,000 on the Dogecoin blockchain.
Dogecoin activity on-chain. Source: Santiment
At the same time, the number of daily active addresses on the network increased to 86,400.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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