While April is nearing the end of its bearish month, expectations for Dogecoin in May are not necessarily bullish, especially as the crypto market continues to decline. DOGE has fallen below $0.14 during this period, making it one of the major losers. This underperformance is expected to continue as CoinCodex’s machine learning algorithms predict further declines in meme coins.
Algorithm predicts another 13% decline
Despite Dogecoin’s price already suffering a massive 14% drop last week, machine learning algorithms believe it will fall another 13% in May. A machine learning algorithm that takes into account a number of indicators showed that the DOGE price remains extremely bearish, even though the market is still in a greedy state.
For May, the algorithm predicts the memecoin price to decline a total of 13.66% from here, dropping below $0.13 to $0.1238. Even in the short term, Dogecoin price remains bearish and is expected to drop by 1% to $0.14 in the next five days.
In the broader time frame, expectations for meme coins are not high, as machine learning algorithms do not predict the cryptocurrency will reach all-time highs until 2029. For 2025, Meme Coin's annual high will be over $0.66. , which is lower than the current high of $0.7.
The next two years after this are expected to be bearish as the price is expected to fluctuate around $0.126 to $0.25. After that, the stock is expected to reach a new all-time high of $1.4. If this happens, Dogecoin investors will have to wait another five years before reaching a new peak.
Dogecoin indicators tell a different story
While machine learning algorithms remain bearish, Dogecoin indicators paint a bullish picture. For example, Dogecoin trading volume has been steadily increasing, increasing by 28% in the previous day alone. This suggests that investor interest is returning, and if that translates into demand, prices could rise quickly from here.
There is also a tendency to accumulate meme coins, especially among whales. In particular, one whale withdrew his 226 million DOGE from the Robinhood exchange in two trades. Typically, when an investor moves coins from an exchange to a personal wallet, it means they are accumulating coins in search of a better price. This could indicate a change in the tide.
However, as of this writing, Dogecoin price is still struggling at $0.135, down 4% in the past 24 hours. If there is a reversal from here, DOGE could retest the $0.15 resistance. However, a breakdown could send it back towards $0.12.
DOGE price breaks down below $0.14 | Source: DOGEUSDT on Tradingview.com
Featured image from Bitcoinist, chart from Tradingview.com
