Coincodex’s machine learning (ML) algorithm has provided a bearish outlook for the Dogecoin price. The ML algorithm predicted that the meme coin would suffer a double-digit crash in January 2025.
Dogecoin Price To Suffer A Double-Digit Crash?
Coincodex predicted that the Dogecoin price would suffer a 10.62% crash by January 27, 2025. This projected price crash will cause Dogecoin to drop to $0.28 from its current price level. This price prediction is based on technical indicators showing that the current sentiment towards the foremost meme coin is bearish.
The Fear and Greed Index for the Dogecoin price is showing 74, which indicates greed. Coincodex noted that Dogecoin has recorded 14/30 (47%) green days with 11.78% price volatility over the last 30 days. Based on this DOGE price forecast, the ML algorithm stated that now is a bad time to buy the meme coin.
Coincodex’s Dogecoin price prediction for February 2025 is also bearish, as the ML algorithm predicts that the foremost meme coin will continue to range around $0.28 that month. However, things could change in March as the algorithm predicts that Dogecoin could finally rally above the much-anticipated psychological $1 level.
Specifically, Coincodex predicted that the Dogecoin price could rally to as high as $1.3 in March 2025. While this is bullish for Dogecoin, further predictions suggested that the $1.3 price level would mark the top for the foremost meme coin in this market cycle.
This is contrary to predictions made by several analysts, such as Trader Tardigrade, who predicted that the meme coin could rally to double digits in this market cycle. Trader Tardigrade predicted that the Dogecoin price could reach as high as $30 by March 2025 if it replicates the 2021 bull run.
Rally To $11 On The Cards
In an X post, crypto analyst Dima James predicted that the Dogecoin price would rally to $11 in 2025. This came as he analyzed Dogecoin’s monthly chart with a focus on the meme coin’s fourth year in each cycle. The analyst noted that in the first cycle, DOGE’s year four started at $0.00023 and ended at $0.000851, representing a 37 times price increase.
Something similar happened in year four of the second cycle as the Dogecoin price started at $0.00460 and ended at $0.17064, representing a 37 times price increase. In line with this, Dima James predicted that Dogecoin will end 2025, this cycle’s year four, at around $11.65 if 2024 closes at around $0.315 and history repeats itself with the 37x price rally.
At the time of writing, the Dogecoin price is trading at around $0.31, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from TradingView
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