On Wednesday, the price of Dogecoin hovered around $0.063, marking a continuous decline over six consecutive days.
In the past six months, Dogecoin (DOGE) has delivered lackluster performance, yielding minimal returns for investors. Once a prominent meme cryptocurrency, it now holds the unenviable title of being the poorest performer among cryptocurrencies in 2023.
Nevertheless, could there be a chance for Dogecoin’s prospects to improve this month and shift towards positive territory?
PricePredictions, a machine learning algorithm driven by artificial intelligence technology, has put forth a somewhat pessimistic forecast for DOGE. According to its predictions, Dogecoin is expected to maintain relatively stable pricing this month, offering limited profit potential for investors over the next three weeks.
The AI model suggests that by September 30, 2023, Dogecoin may be valued at $0.0635. This projection falls below the current value of the coin, indicating that the meme-based cryptocurrency may enter a phase of stability. However, the narrow price range doesn’t present many opportunities for investors to capitalize on potential gains.
Hence, it is advisable for investors to exercise prudence when contemplating Dogecoin as an investment option in the weeks ahead. It appears that DOGE may experience limited momentum and volatility this month, potentially resulting in stagnant investment outcomes.
The sole potential catalyst for a price increase in the token could be an announcement by Elon Musk regarding Dogecoin’s acceptance as a payment method on his Twitter platform. However, the probability of this occurring within the next three weeks remains slim and speculative.
As of the time of writing, Dogecoin is trading at $0.06324, reflecting a 24% decrease within the 1-hour trading period and a substantial 92% decline from its all-time high of $0.73, reached in May 2023.