The Future Price of Dogecoin in 2024
The future price of meme coins like Dogecoin is a topic of interest for many crypto users, even those who are not investors. There have been several predictions regarding where the price of DOGE might be in 2024. One such prediction has been made by the machine learning algorithm at CoinCodex.
Dogecoin Outlook for January: Bearish
According to the machine learning algorithm at CoinCodex, the outlook for Dogecoin in January is bearish. Contrary to expectations of a rally, especially with the DOGE-1 space mission approaching, the algorithm predicts a fall in price.
The algorithm predicts that the price of Dogecoin will be $0.081 in January, which means a 13% decrease from its current value of $0.0923.
However, the shorter-term outlook for Dogecoin is more favorable. The algorithm expects a small increase in price over the next five days, with an expected price point of $0.0944, representing a 1.16% increase.
Despite this bearish outlook, it is still considered a good time to buy DOGE.
DOGE Entering a Quarter of Uncertainty
The Dogecoin price is entering a quarter that is typically filled with uncertainty. The first quarter of each year has been hit or miss for the meme coin, with alternating performances.
In the past 10 years, there have been an equal number of profitable and loss-making first quarters for Dogecoin (five each). However, when considering the average returns, it leans towards profitability.
Data from CoinCodex shows that Q1 is the second-best performing quarter for Dogecoin, with an average return of 106.04%, following closely behind the second quarter at 109.80%.
Currently, the price of DOGE is $0.092, which is 87% below its all-time high price of $0.738.
Hot Take: Uncertain Times Ahead for Dogecoin
The machine learning algorithm at CoinCodex predicts a bearish outlook for Dogecoin in January, with a potential decrease in price. However, it also suggests a short-term increase in the next five days. The first quarter has historically been unpredictable for DOGE, but it has shown overall profitability. With the price of DOGE currently far below its all-time high, there is room for growth and potential opportunities for investors in the future.
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