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The Dogecoin price is in focus as the month draws to a close. The meme coin has already enjoyed a 30% gain so far in May, but this machine learning algorithm suggests that DOGE is unlikely to enjoy further gains until the end of the month.
Machine Learning Algorithm Predicts Bearish Ending For Dogecoin Price
Coincodex’s machine learning algorithm has predicted that the Dogecoin price will suffer more declines in the coming days to close the month. The algorithm predicts that DOGE will drop to $0.220052 by May 28 and then suffer another decline to $0.217269 by May 29. The top meme coin will then drop to $0.214764 and $0.213578 by May 30 and 31, respectively.
Cryptorank data shows that the Dogecoin price has already gained over 30% in May, having rallied above the psychological $0.2 level earlier this month following Bitcoin’s surge. However, based on the machine learning algorithm’s prediction, DOGE is more likely to trim these gains before the month ends.
Regardless, the Dogecoin price is on course to record its best monthly performance so far this year. Barring any massive crash, it will also be the first time this year that DOGE has witnessed a positive monthly close with double-digit gains. The meme coin recorded a 4% and 3% gain in January and April, respectively, the two months this year in which it has recorded a positive monthly close.
Meanwhile, based on historical data, June will likely be a bearish month for the Dogecoin price. DOGE has witnessed negative monthly closes in June in the last eight years. In fact, the meme coin has only recorded two positive monthly closes in June since its creation. However, both were double-digit gains, meaning that Dogecoin could record massive gains if this June ends up being a green month.
DOGE RSI Indicates Imminent Pump
In an X post, crypto analyst Trader Tardigrade stated that the Dogecoin price’s Relative Strength Index (RSI) suggests a potential upcoming pump for the meme coin. His accompanying chart showed that DOGE could rally to as high as $0.9 on this breakout to the upside. In another post, he affirmed that the meme coin is ready for blast off, which would send its price to a new all-time high (ATH).
Source: Trader Tardigrade on X
Crypto analyst Ali Martinez highlighted the range between $0.24 and $0.26 as the most important resistance wall for the Dogecoin price. He suggested that a break above this range could spark a parabolic rally for the meme coin, with the current local high at around $0.46 in sight.
At the time of writing, the Dogecoin price is trading at around $0.22, down almost 2% in the last 24 hours, according to data from CoinMarketCap.
DOGE trading at $0.22 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com
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