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Dogecoin price is starting to reverse some of the gains it made last week. As of this writing, Dogecoin prices are: down 9%n 24 hours, but we are in a good position to reverse these losses soon.
In particular, Dogecoin still on track We end the month with a very long candle. In particular, cryptocurrency analyst Trader Tardigrade said: highlighted this phenomenon As pointed out by the analyst, Dogecoin is set to close in November higher than its previous highest monthly closing level.
Dogecoin price helps boost monthly close
Breaking the previous monthly high close may seem like a routine move during bull rallies for some cryptocurrencies, but for Dogecoin it is a much more significant signal. Historically, whenever the Dogecoin price has shown this phenomenon, it has always signaled the start of a stronger rally.
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Interestingly, such events have been rare in Dogecoin’s 11-year history, making them even more impactful when they occur. What’s even more interesting is that every time it happens, it’s always a return of over 1,000% in just a few months.
The last time Dogecoin price closed above its highest monthly close was in 2021, which ultimately resulted in a surge of over 8,000% in about four months. This surge has now seen Dogecoin hit an all-time high of around $0.732.
A similar breakout occurred in 2017 prior to the 2021 rally. This initial example sparked an impressive 1,000% rally in eight months.
What does this mean DOGE?
Given these historical patterns, we might also expect a repeat of the strong rally in the coming months. According to price data, the current highest monthly Dogecoin price is $0.35 in August 2021.
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As of this writing, Dogecoin price is on track to hit a new monthly high this November. If history repeats itself, we could see Dogecoin surge between 1,000% and 8,000% in the coming months. This trend is not only important for Dogecoin investors, but could also have broader implications for other cryptocurrencies in the meme coin market.
As Trader Tardigrade points out, if the first 1,000% case is repeated, Dogecoin will reach $3.6 by July 2025. On the other hand, the repetition of the special 8,000% case is Dogecoin will reach $26.9. Until March 2025. Even price fluctuations between these two scenarios will result in significant returns.
As of this writing, Dogecoin is trading at $0.372. Despite retracing about 9% in the last 24 hours, Dogecoin is still up 140% since early November.
Featured image created with Dall.E, chart from Tradingview.com