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The Dogecoin price is starting to reverse some of its gains it made last week. At the time of writing, the Dogecoin price is down by 9% in 24 hours, but it is in a good place to reverse these losses very soon.
Particularly, Dogecoin is still on trackto close the month at a very long bullish candle. Notably, crypto analyst Trader Tardigrade highlighted this phenomenonfor the Dogecoin price on social media platform X. As pointed out by the analyst, Dogecoin is on track to close November above the previous highest monthly close level. Dogecoin Price To Make Higher Monthly Close
Breaking above its previous highest monthly close might seem like a routine move during bullish rallies for some cryptocurrencies, but for Dogecoin, it signals something far more significant. Historically, each time the Dogecoin price exhibits this phenomenon, it has always marked the beginning of a stronger rally. Related Reading Shiba Inu Burn Rate Crashes 82% Despite Recovery, Can SHIB Price Still Make It To $0.00008 ATH? 1 day ago
Interestingly, this occurrence has been rare in Dogecoin’s 11-year history, making it even more impactful when it does happen. What’s more interesting is that whenever it occurs, it has always gained more than 1,000% in just a few months.
The last time the Dogecoin price closed above its highest monthly close was in 2021, which ultimately led to a surge of more than 8,000% in about four months. This surge was what led to the current Dogecoin all-time high of around $0.732.
Prior to the 2021 rally, a similar breakout took place in 2017. This earlier instance triggered an impressive 1,000% rise over the course of eight months. What Does This Mean The DOGE?
Given these historical patterns, we could as well look forward to a repeat of a powerful rally in the coming months. According to price data, the current highest Dogecoin price monthly close is $0.35 in August 2021. Related Reading Bitcoin Price Prediction: Analyst Sets $320,000 Target As Wave 5 Begins 1 day ago
At the time of writing, the Dogecoin price is well on track to make a new highest monthly close this November. If history were to repeat itself, we could see Dogecoin surging between 1,000% and 8,000% in the coming months. Such a trend would not only be significant for Dogecoin investors but could also have broader implications for other cryptocurrencies in the meme coin market.
As pointed out by Trader Tardigrade, a repeat of the first 1,000% case would see Dogecoin reaching $3.6 by July 2025. On the other hand, a repeat of the extraordinary 8,000% case would see Dogecoin reaching $26.9by March 2025. Even a price movement between these two scenarios would result in a substantial return. Source: X
At the time of writing, Dogecoin is trading at $0.372. Although it has retraced about 9% in the past 24 hours, Dogecoin is still up by 140% since the beginning of November. DOGE price still holding strong | Source: DOGEUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com