The cryptocurrency market has been under significant downward pressure recently, with Dogecoin (DOGE) being no exception. Currently, Dogecoin is trading slightly above $0.10, having recently hit a low of $0.091. The previous support level of $0.10 has now turned into a resistance point, making $0.091 the new support level.
The overall market sentiment is bearish, significantly influenced by the broader cryptocurrency downturn and negative sentiment surrounding Bitcoin.
In this context, Finbold decided to consult the most advanced version of OpenAI’s flagship artificial intelligence (AI) platform – ChatGPT-4o – to predict Dogecoin’s price as DOGE recently fell below its $0.10 support.
ChatGPT outlines its DOGE price target. Source: Finbold and ChatGPT
ChatGPT outlines its DOGE price target. Source: Finbold and ChatGPT
While there are signs of potential short-term recovery, the overall outlook for Dogecoin remains cautious. The combination of technical patterns, market sentiment, and broader influences suggests that Dogecoin will likely continue to face volatility, trading between $0.080 and $0.105 in the coming month.
Coinglass data illustrated a 14.88% decline in DOGE’s Futures Open Interest (OI) to $514.97 million, aligning with the coin’s price fall.
However, the derivative volume spiked 57% to $3.13 billion, fueling contrasting sentiments. The Relative Strength Index (RSI) moved along 24, hinting that the asset is in oversold territory. This could mean that a potential market recovery ahead could also see a possible DOGE price rebound. Nonetheless, current market sentiments remain bearish.
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