finbold.com
Amid a renewed wave of optimism in the cryptocurrency market that has seen most digital assets trading in the green, Dogecoin (DOGE) has been a solid performer.
Additionally, the crypto analyst Ali Martinez offered an exciting insight on X on October 29 into this meme coin’s price. According to him, Dogecoin was showing “promising signs,” with the cryptocurrency “breaking out of a multi-year descending triangle on the weekly chart.
Intrigued by recent news and whether the current bullish sentiment is justified, Finbold decided to utilize the artificial intelligence (AI) of ChatGPT on where DOGE’s price might stand on January 1, 2024.
ChatGPT weights DOGE’s prospects
Despite declining to offer a specific price for this digital asset, ChatGPT from OpenAI, DOGE’s price trajectory in the next two months hinges on six critical factors.
The AI identifies these factors as market sentiments, adoption and use cases, market trends, regulatory development, technological updates, and macroeconomic surroundings of Dogecoin.
With the news of DOGE potentially being used as a currency on X social network, it is no wonder that AI highlights ‘adoption and use cases’ as well as ‘market sentiment’ as two leading factors, as they might prove crucial in driving Dogecoin’s value in an upward manner.
However, ChatGPT’s counterpart, Google Bard, was more concise and offered a range of $0.07 and $0.10 as a predicted price for this digital asset by the start of 2024.
Dogecoin price analysis
As things stand, DOGE was at press time changing hands at the price of $0.07, down -4.09% in the last 24 hours, contradictory to the 8.72% gain across the previous seven days and rallying an impressive 24.75% in the last month alone, according to the latest charts on November 10.
It is essential to notice that this asset has experienced 19 green days in the previous month and is trading above the 200-day simple moving average.
However, it has been outperformed by 75% of the top 100 crypto assets in a year, and it is still down 90% from its all-time high of $0.72.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.