The future prices of meme coins like Dogecoin have always captured the attention of cryptocurrency users, and they are also widely popular, especially among non-investors. There have been several predictions about where the DOGE price will be in 2024. And one of these predictions was provided by CoinCodex’s machine learning algorithm.
Dogecoin outlook for January is bearish
CoinCodex’s machine learning algorithm predicted where the Dogecoin price would be in January of this year, and it was far from negative. Contrary to calls for a rally for meme coins, the algorithm predicts the price will fall rather than rise, especially as the DOGE-1 space mission gets closer.
According to the machine learning algorithm’s one-month prediction, Dogecoin’s price is $0.081. Now, considering the fact that the price of DOGE is currently sitting at $0.0923 at the time of this writing, this means that the algorithm expects the altcoin price to fall about 13% from here.
Interestingly, Dogecoin’s near-term outlook is much more favorable. The algorithm predicts that the DOGE price will rise slightly over the next 5 days. The expected price is $0.0944, which is expected to be a 1.16% increase from the current price.
Additionally, the Fear & Greed Index shows a high greed level of 71 for Dogecoin, which is a good number for a bullish rally. However, this did not significantly affect the algorithm’s predictions. However, the position is that it is still a good time to buy DOGE.
DOGE price at $0.0911 | Source: DOGEUSD on Tradingview.com
DOGE Enters Quarter of Uncertainty
Even though prices across the cryptocurrency market are rising, Dogecoin price is entering a quarter that is usually shrouded in uncertainty. Every year in the first quarter, the performance of meme coins alternates, always succeeding or failing.
Over the past 10 years, there have been an equal number of quarters that ended in profit and five quarters that ended in loss. However, if you take the average of all returns, you end up in the green, which can ultimately be a good thing for the price.
Source: CoinCodex
Nonetheless, the first quarter remains Dogecoin’s second-best performing quarter, with an average gain of 106.04%, closely followed by the second quarter at 109.80%, according to data from CoinCodex.
DOGE price is trending at $0.092 at the time of writing, which is 87% below its all-time high of $0.738.