The cryptocurrency sector does not appear to be slowing down, with most of its assets currently exhibiting a bullish trend.
According to the machine learning and artificial intelligence (AI) algorithms employed by PricePredictions, Dogecoin (DOGE) is not going against the grain on this one.
As the advanced price projecting algorithm suggests, Dogecoin is set to reach $0.178075 by March 31, 2024, as per the most recent data acquired on March 6.
If these predictions prove correct, this would indicate a price jump of over 5% based on DOGE’s price today.
Dogecoin 1-month price forecast. Source: PricePredictions
Dogecoin price chart analysis
While PricePredictions indicates a bullish trend during March, Dogecoin has encountered a decline of 8.7% over the past 24 hours.
Dogecoin 24-hour price chart. Source: Finbold
According to the price projecting algorithm, this bearish trend is expected to continue in the short term. Still, the short term decline has little effect when compared to the stable pace at which Dogecoin has been progressing over the past seven days, with an increase of 71.78% and a 114.96% increase in the last month.
Dogecoin 7-day price chart. Source: Finbold
On its technical analysis (TA) gauges, Dogecoin maintains its bullish trend. On a 1-week gauge, the moving averages (MA) are pointing at a ‘strong buy’ at 14, while the oscillators are at the ‘buy’ zone at 2.
Dogecoin 1-week sentiment gauges, Source: TradingView
Reasons behind Dogecoin progress
Even though Dogecoin is riding the positive wave sweeping across the cryptocurrency market, its exponential rise over the past week can be attributed to other more nuanced factors as well.
For one, DOGE is set to launch the final phase of its new core upgrade Dogecoin Core 1.14.7, thus boosting both performance and usability. The update is said to contain both bug fixes and security improvements.
The recent rally is also related to the increased Dogecoin accumulation among large investors, often referred to as “whales.” Still, while the number of addresses holding over 100,000 DOGE has risen, the reported amount of those holding over 1 million DOGE has experienced a slight decrease.
On a further note, the current price surge also coincides with historical trends detected before previous Bitcoin halvings, the latest of which is scheduled for April 16, 2024. Investors could be eyeing DOGE as a lucrative alternative investment, aiming for short-term gains. This trend is in line with the price surges DOGE experienced prior to the last two Bitcoin halvings, where it witnessed gains of 200% and 50%.
