AI is bullish on Dogecoin. According to a chat recently shared by crypto news website Finbold with Google’s generative AI chatbot Bard, Dogecoin could recover to $0.10 by the end of 2023, marking an increase of as much as 60% from its current price levels around $0.06.
Bard gave a few reasons for its bullish price prediction, including the potential for increased adoption by businesses and merchants of Dogecoin as a medium of exchange, increased use of Dogecoin for tipping and donations, increased media attention, and the potential development of new Dogecoin-based products and services.
This bullish price prediction from Bard comes after Dogecoin has experienced sharp downside in recent weeks. At current levels just above $0.06, DOGE is down over 25% since its late July highs in the mid-$0.08s. The downside comes amid a broader market swoon that has seen other major coins like Bitcoin (BTC) and Ether (ETH) also pull sharply lower, with various bearish technical factors also working against Dogecoin’s favor.
Firstly, Dogecoin’s failure to break convincingly above its 200DMA despite multiple attempts in late July and early August appears to have been taken as a bearish signal by the market. Secondly, Dogecoin snapped an uptrend that had been in play since June early last week. A retest of the June lows at $0.054 remains a strong possibility.
Related Post
Considering the unpredictability of the market, it’s always smart for meme coin investors to hedge their bets. One excellent Dogecoin alternative that meme coin investors should consider is a new coin being launched by Wall Street Memes, one of the internet’s largest retail investing communities. Wall Street Memes, with its over 1 million following across various social media channels, has traditionally described itself as “the king of stonks” (stocks for the uninitiated), but is also looking to claim the crown of being “the king of crypto,”with the launch of its very own meme coin token $WSM.
The presale of $WSM has been a resounding success, with over $25 million raised, and dozens of major crypto industry influencers and analysts backing the coin for major success. Investors are running out of time to get involved, with the presale scheduled to end in under 36 days. This presents an opportunity to get in on a token that could match or even surpass the likes of Pepe Coin, Dogecoin, and Shiba Inu.
In conclusion, Bard’s bullish price prediction for Dogecoin highlights the potential for a recovery in the coin’s value by the end of 2023. However, it’s important to consider the current downside and bearish technical factors that could impact Dogecoin’s price in the short term. Investors may also want to explore alternatives such as Wall Street Memes’ $WSM token, which has gained significant traction and support in the market. As with any investment, it’s crucial to research and assess the potential risks and rewards before making any decisions.
