CoinCodex’s machine learning algorithm has predicted that the Dogecoin price could soon reclaim the psychological $0.2 level. This provides a bullish outlook for the foremost meme coin, which is down over 13% in the last month.
Dogecoin Price To Record Double-Digit Gains And Rally To $0.2
The machine language algorithm predicted that the Dogecoin price would rally to $0.2 in the next thirty days, representing a gain of over 17% from its current level. Based on this prediction, DOGE is expected to reach this psychological price level in the first week of August. Next month could be a bullish month for the meme coin as the algorithm predicts that Dogecoin could rally to as high as $0.21.
Meanwhile, CoinCodex’s prediction for the Dogecoin price this month is mixed as its machine algorithm predicts the meme coin could drop to as low as $0.164 this month. This price crash is expected to happen in the first half of July. Once that happens, the algorithm predicts that DOGE could then recover and rally to $0.2 by month’s end.
A monthly close above the $0.2 level could provide some optimism, given how the Dogecoin price has performed over the last month. The meme coin also recently dropped to a local low of around $0.157, which put it at risk of retesting its bull market support band at $0.14. Crypto analyst Kevin Capital recently highlighted the $0.12 and $0.142 range as the key level to watch.
He warned that the Dogecoin price was at risk of dropping into its bear market structure, especially if its Relative Strength Index (RSI) dropped below 38. However, he suggested that if DOGE holds these levels, it could outperform later in the year once the Fed begins to cut rates.
DOGE’s Move Depends On BTC For Now
In an X post, Kevin Capital suggested that a major bounce from the Dogecoin price would depend on Bitcoin. This came as he noted that DOGE was looking to record another major bounce, just like the other times when it touched the 40 level on the weekly RSI. The analyst declared that a similar outcome to the previous touches could occur again if BTC can continue to rise.
Indeed, the Dogecoin price had begun to rebound following the Bitcoin price’s latest climb to as high as $110,000. However, Bitcoin is again on the downtrend, which puts the foremost meme coin at risk of dropping to new lows. Kevin Capital remarked that a failure of this weekly RSI level at 40 would be the line in the sand between longer-term bearish price action or a continued bull run. Failure to hold between $0.144 and $0.127 could also determine what’s next.
At the time of writing, the Dogecoin price is trading at around $0.17, down over 2% in the last 24 hours, according to data from CoinMarketCap.
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