With April coming to a bearish end, Dogecoin's forecast for May is not exactly bullish, especially as the cryptocurrency market continues to decline. DOGE was one of the major losers during this time, falling below $0.14. This poor performance is expected to continue as CoinCodex's machine learning algorithm predicts a further decline in the meme coin.
Algorithm predicts another 13% decline.
Although the price of Dogecoin is already suffering a notable 14% drop in the past week, the machine learning algorithm… Believes It will fall another 13% in May. The machine learning algorithm, which takes a number of metrics into account, showed that the price of DOGE is still very bearish even though the market is still in a greedy state.
For the month of May, the algorithm expects the price of the meme to decline a total of 13.66% from here, falling below $0.13 to $0.1238. Even in the short term, Dogecoin price remains bearish with an expected 1% drop to $0.14 in the next five days.
On the broader time frame, the forecast for the meme coin is not high because the machine learning algorithm does not expect the cryptocurrency to reach a new all-time high until 2029. For 2025, it gives the meme coin an annual high of over $0.66. This is below its all-time high of $0.7.
The next two years are expected to be bearish as the price is expected to fluctuate around $0.126 and $0.25. After that, the price is expected to reach a new all-time high of $1.4. If this happens, it means that Dogecoin investors will have to wait another five years to see new highs.
Dogecoin metrics tell a different story
While the machine learning algorithm remains bearish, Dogecoin metrics are painting a bullish picture. For example, there has been a steady increase in Dogecoin trading volume, to rise 28% on the last day alone. This indicates a return of investor interest, and if that translates into demand, the price could see a rapid rise from here.
There has also been a trend of accumulation of meme currency, especially among whales. One whale, in particular, pulled 226 million DOGE off the Robinhood exchange in two trades. Usually, when investors move coins from exchanges to private wallets, it means they are accumulating coins to get better prices. This could indicate a turning of the tide.
However, at the time of writing, Dogecoin price is still struggling at $0.135, with a 4% decline over the past 24 hours. A reversal from here could lead to DOGE retesting $0.15 resistance. But a collapse could take it back towards $0.12.
DOGE price breaks down below $0.14 | Source: DOGEUSDT on Tradingview.com
Featured image from Bitcoinist, chart from Tradingview.com
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