AI predicts Dogecoin price for September
The price of Dogecoin on Wednesday was approximately $0.063, and has seen a continuous decline for six consecutive days.
Over the past six months, the performance of Dogecoin (DOGE) is unsatisfactory, offering minimal returns to investors. This once popular meme cryptocurrency is now the worst performing cryptocurrency of 2023.
However, is there an opportunity for Dogecoin’s fortunes to change this month and move into positive territory?
PricePredictions, a machine learning algorithm powered by artificial intelligence technology, presented a pessimistic forecast for DOGE. According to his forecast, Dogecoin could remain relatively stable this month, offering limited profit potential to investors over the next three weeks.
The AI model guessed, that by September 30, 2023 Dogecoin could be worth $0.0635. This price prediction is lower than the coin’s current value, indicating that the meme-based altcoin may experience a period of stability. However, the narrow price range does not provide many opportunities for investors to take advantage of the potential gains.
Therefore, it is advised that investors exercise caution when considering Dogecoin as an investment option in the coming weeks. It appears that the DOGE may not have significant momentum or volatility this month, leading to potentially stagnant investments.
The only potential catalyst for the token’s price to rise could be if Elon Musk announced Dogecoin as an accepted payment method on X (Twitter). However, the likelihood of this happening in the next three weeks remains small and speculative.
At the time of writing, Dogecoin is trading at $0.06324, down 24% in the 1-hour trading period, down nearly 92% from its all-time high of $0.73 reached in May 2023