The price of Dogecoin is likely to come under further selling pressure in the coming days to close the month, according to the latest predictions from Coincodex’s machine learning algorithm.

The algorithm predicts that DOGE will drop to $0.220052 by May 28 and then suffer another decline to $0.217269 by May 29. The meme coin will then drop to $0.214764 and $0.213578 by May 30 and 31, respectively.

The meme coin has already enjoyed a 30% uptrend so far in May, having risen above the psychological $0.2 level earlier this month following Bitcoin’s surge. However, based on the machine learning algorithm’s prediction, it seems that the meme coin is more likely to trim these gains before the month ends.

However, it is important to note that this is an open prediction, and the actual price movements may deviate from the predictions.

Dogecoin Price Could See More Downside Before Month Ends

The meme coin is currently trading at around $0.21, having dropped by 0.6% over the past 24 hours, according to data from Cryptorank.

The meme coin is on course to register its best monthly performance yet this year. It is also the first time this year that Dogecoin could witness a positive monthly close with double-digit gains.

The meme coin clocked a 4% and 3% gain in January and April, respectively, the two months this year in which it has clocked a positive monthly close.

The meme coin has seen negative monthly closes in June for the past eight years. In fact, since its creation, Dogecoin has clocked positive monthly closes in June only twice. However, both were double-digit gains, meaning that if this June ends up being a green month, then Dogecoin could clock massive gains.

Dogecoin RSI Implies Imminent Pump

On X, crypto analyst Trader Tardigrade said that the Relative Strength Index (RSI) of the meme coin suggests a potential upcoming pump for the meme coin.

In an X post, crypto analyst Trader Tardigrade said that the Relative Strength Index (RSI) of the meme coin suggests a potential upcoming pump for the meme coin. His accompanying chart showed that DOGE could rally to as high as $0.9 on this breakout to the upside. In another post, he stated that the meme coin is ready for blast off, which would send its price to a new all-time high (ATH).