After Bitcoin’s recent upward trajectory, Dogecoin price It ended October in the green, recording its second-highest October monthly returns since 2014, according to Cryptorank historical data. Now, with the start of November, investors and market experts are looking forward to knowing what the month has in store for the popular meme coin. With high market sentiment and high demand for Dogecoin, the… The meme coin could see a bullish November Or relatively silent.
What November holds for the price of Dogecoin
Throughout the month of October, Dogecoin price saw its fair share of… Market fluctuationsfollowing trends set by established cryptocurrencies such as Bitcoin (BTC). By the end of October, Dogecoin was released The month closed in positive territorywhich saw a 41.4% increase in monthly returns — the second highest level ever since 2022, when it saw a rise of nearly 105.8%, according to CryptoRank data.
The steady increase in Dogecoin’s price throughout October is notable, with its price rising by a staggering 42.65%, according to CoinMarketCap. This rise in prices has been caused by the confluence of several bullish factors, including the resurgence Interest in the individual investor communitythe renewed optimism sparked by SpaceX CEO Elon Musk’s DOGE proposall Bitcoin’s positive performance in October.
With October now over, take a look at Historical performance of Dogecoin During November it can help provide more information about its future path. Based on CryptoRank DataDogecoin showed mixed performance in November.
Historically, the fourth quarter (Q4) has been volatile for Dogecoin prices. CryptoRank reports that in November 2023, Dogecoin saw a 22.5% increase in monthly returns, and also saw declines of 14.6% and 23.4% in November 2022 and 2021, respectively. Dogecoin’s highest monthly returns for November were in 2017, with an increase of 81.9%, while its lowest returns were in 2018, with a decrease of 42.2%.
Based on historical data, it seems that Dogecoin performed a bit poorly in November, recording four months of positive returns and six Novembers of negative returns since 2014. Given this trend, investors should keep a close eye on the price of Dogecoin, as important indicators like Positive feelings, Trading volumeThe increased demand may significantly affect the course of the meme market in November.
DOGE sets the stage for a parabolic run in November
In the last X (formerly Twitter) mailcryptocurrency analyst Ali Martinez revealed a significantly bullish forecast for the Dogecoin price in November 2024. Martinez revealed that the historical performance of the Dogecoin price indicates that November may spark a wave of volatility. Running equivalent of a meme coin.
In a detailed diagram, Martinez highlighted two distinct ones Triangle patterns in Dogecoin price Between 2014 and 2022. The first triangle pattern saw Dogecoin emerge in 2017, resulting in an impressive price rise of 8,933.01%. The second triangle pattern led to a more significant rally, with Dogecoin price registering a 15,524.74% increase after the breakout in 2021.
With the latest Triangle formationwhich began in 2021, if Dogecoin can successfully break out of this pattern, Martins predicted the possibility of a sustained close above $0.2.
Featured image created with Dall.E, chart from Tradingview.com