The performance of Dogecoin continues to weigh heavily on investors’ minds as April concludes on a bearish note, with expectations for May not looking particularly bullish. The cryptocurrency market overall has been on a downward trend, and Dogecoin has been among the biggest losers during this period, slipping below the $0.14 mark. The outlook remains bleak as a machine learning algorithm at CoinCodex predicts further decline for this meme coin.
Despite already experiencing a significant 14% drop in the past week, the machine learning algorithm foresees another 13% decrease in Dogecoin’s price throughout May. Taking into account various metrics, the algorithm indicates a very bearish outlook for DOGE even as market sentiment remains in the greed territory.
For the upcoming month, the algorithm anticipates a 13.66% drop in Dogecoin’s price, projecting it to fall below $0.13 to $0.1238. In the shorter term, a 1% decline to $0.14 is expected within the next five days, maintaining the bearish sentiment surrounding the coin.
Looking further ahead, the algorithm does not foresee Dogecoin reaching a new all-time high until 2029. It predicts a peak price of over $0.66 for 2025, which is still below its existing all-time high of $0.7. The following years are expected to see fluctuations in the price range of $0.126 to $0.25, before a new peak of $1.4 is projected.
Despite the algorithm’s pessimistic view, certain metrics point to a more positive outlook. Dogecoin’s trading volume has been steadily increasing, with a recent 28% rise in a single day signaling renewed investor interest. Additionally, there has been a trend of accumulation among whales, with significant withdrawals from exchanges indicating potential price appreciation in the future.
Currently trading at $0.135 with a 4% drop in the last 24 hours, Dogecoin faces a crucial juncture. A reversal could see it challenging the $0.15 resistance level, while a breakdown might push it towards $0.12. Investors remain watchful as market dynamics play out in the coming days.
