CoinCodex’s machine learning algorithm predicted when the price of Dogecoin could reach the psychological level at $1. Interestingly, according to predictions, market participants will not have to wait too long before seeing the most important meme coin reach this price level.
When Dogecoin price will reach $1
The machine learning algorithm predicted that Dogecoin price would reach the target of $1 by March this year. Specifically, the algorithm predicts that the top coin could reach $1.04 by March. DOGE is also expected to rally back to $1.11 by April, representing a increase of approximately 200% compared to its current price level.
The platform noted that sentiment around the price of Dogecoin is currently bullish, although the Fear and Greed Index is currently at 75, indicating greed. Despite the bullish sentimentthe machine learning algorithm predicts that Dogecoin could continue to hover around its current price level for the rest of this month.
Like the machine learning algorithm, crypto analysts such as Master Kenobi have also predicted that Dogecoin price could soon reach the much-anticipated $1 target. Master Kenobi recently highlighted Donald Trump’s inauguration as a catalyst for the parabolic push towards this price level.
Trump will take office on January 20, which is bullish for the price of Dogecoin due to his pro-crypto stance. Elon Musk’s Department of Government Efficiency (DOGE) will also come to life, which is bullish for the leading coin due to the similarity to its “DOGE” ticker.
Crypto analyst Trader Tardigrade also recently predicted that Dogecoin’s price rise to $1 was imminent. The analyst predicted that DOGE could reach this price level as soon as March. Galaxy Research also predicted that the rally towards $1 will take place this year.
What to expect from DOGE
KrissPax, crypto analyst gave a preview of what to expect from the Dogecoin price in the coming days. In an article X, he stated that Dogecoin was on the verge of breaking out of a descending channel. The analyst noted that the top meme coin would most likely trade up to $40, come back to test previous resistance, confirm it as support, and then move higher.
On the other hand, crypto analyst Kevin Capital warned market participants about the current price development of Dogecoin. He revealed that the top meme coin was testing the top of its descending channel and told them to watch out for the FOMO in the coin at its current price level. Kelvin explained that it might take time and effort for DOGE to break through these levels.
At the time of writing, Dogecoin price is trading at around $0.37, up more than 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com