It has been an up-and-down year for Dogecoin ($DOGE) holders, with the coin’s value soaring throughout June and July before crashing in the past ten days.
ChatGPT has weighed in on Dogecoin’s current situation, analyzing its technicals and providing a forecast for the remainder of 2023 that will likely surprise investors.
Moreover, ChatGPT has highlighted two other meme coins, Wall Street Memes ($WSM) and Sonik Coin ($SONIK), that it believes could pump in the coming months.
The $DOGE price has now dropped 25% from July’s high, with the selling pressure showing no signs of letting up.
After posting five bearish closes in a row last week, $DOGE appears to be creating a bear flag on the daily price chart, which often precipitates another sharp drop.
Additionally, $DOGE has broken through the 20-day, 50-day, and 200-day Exponential Moving Averages (EMA) in the past ten days, indicating a strong bearish trend.
Another concerning factor is the decrease in trading volume, with CoinMarketCap data showing that it has dropped 1.22% in the last 24 hours.
This suggests that investors are losing interest in $DOGE, potentially indicating a lack of confidence in its short-term prospects.
However, it’s not just $DOGE that has been falling – fellow meme coins $SHIB and $PEPE have also seen significant dips in their respective values over the past week, hinting at a broader shift away from meme-based cryptos.
Given the current context surrounding Dogecoin’s price action, ChatGPT has a decidedly pessimistic take on the coin’s prospects.
ChatGPT noted the bear flag on the daily time frame as a crucial factor, stating that if $DOGE breaks the flag pattern, the price could drop to $0.046 in the near term.
This would include moving past the support zone around $0.057, which stopped the price in early June.
ChatGPT also highlighted that other variables, like market sentiment, macroeconomic factors, and developments within the Dogecoin community, could inform $DOGE’s price by the end of 2023.
Ultimately, ChatGPT’s bearish view on Dogecoin will be a worry for long-term holders and speculators alike – hinting that they could be in for further pain in the months ahead.
While Dogecoin’s outlook appears bearish, ChatGPT also analyzed other meme coins that could see a pump in price.
Specifically, ChatGPT highlighted Wall Street Memes and Sonik Coin as two meme coins with promising price prospects.
Wall Street Memes ($WSM) has seen impressive success in its ongoing presale phase, raising over $26 million and entering the final stage.
This demonstrates meme coin enthusiasts’ strong initial interest in the project, setting the stage for a highly-anticipated exchange listing for $WSM in September.
As implied by its name, Wall Street Memes taps into the meme stock mania of 2021, bringing that energy and spirit to the crypto world.
The token’s creators already have extensive experience in the digital assets sphere, having launched a successful NFT collection called Wall St Bulls in 2021, which sold out in 32 minutes and raised $2.5 million.
The success of this NFT collection helped create a colossal community around the brand, which the creators are now looking to tokenize using $WSM.
ChatGPT believes this could be a fruitful approach, speculating that the token’s price could soar if the creators can leverage the current momentum from the presale phase.
The AI model believes $WSM may surge 3-5x from the presale price of $0.0337, with the potential for a 10x gain by the end of the year.
This ringing endorsement from ChatGPT will be warmly received by those participating in Wall Street Memes’ Telegram community – setting the stage for an exciting few weeks ahead.
Sonik Coin ($SONIK) is another new meme coin ChatGPT believes could be destined for big things.
Like Wall Street Memes, Sonik Coin is in its presale phase and has raised a remarkable $340,000 in just over one week.
During this presale, early investors can buy $SONIK tokens before they hit the open market, with a Uniswap listing scheduled once the presale concludes.
Given that the presale’s hard cap is just over $2 million, there’s a growing belief that it could sell out in the coming weeks if the current buying momentum is sustained.
Adding to the momentum is Sonik Coin’s staking protocol, which allows token holders to lock up their $SONIK and earn yields currently sitting at 190% per year, according to the project’s staking dashboard.
ChatGPT believes this could be crucial, predicting that $SONIK will surge 5-10x after listing on Uniswap.
However, the AI model believes that if Sonik Coin can live up to the hype, the token could increase a lot by the end of this year.
Although speculative, this ChatGPT prediction highlights Sonik Coin’s potential, helping differentiate it from the sea of meme coins launched each week.
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