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Dogecoin price has started to reverse some of its gains from last week. At the time of writing, the price of Dogecoin is Down 9% in 24 hours, but it is in a good place to reverse these losses very soon.
In particular, Dogecoin is Still on track To close the month on a very long bullish candle. Notably, cryptocurrency analyst Trader Tardigrade He shed light on this phenomenon As for the price of Dogecoin on social media platform X. As the analyst noted, Dogecoin is on track to close November above the previous monthly closing high.
Dogecoin price to achieve a higher monthly close
A break above the previous monthly close high may seem like a routine move during bullish rallies for some cryptocurrencies, but for Dogecoin, it signals something far more important. Historically, every time Dogecoin price exhibited this phenomenon, it always marked the beginning of a stronger rally.
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Interestingly, this event was rare in Dogecoin’s 11-year history, making it all the more impactful when it did happen. What’s even more interesting is that whenever this happens, it has always gained more than 1000% within just a few months.
The last time Dogecoin’s price closed above its highest monthly close was in 2021, eventually leading to a surge of more than 8,000% in about four months. It was this rally that led to Dogecoin’s current all-time high of around $0.732.
Before the 2021 rally, a similar breakout occurred in 2017. This previous example led to a stunning 1,000% rally over eight months.
What does this DOGE mean?
Given these historical patterns, we can also look forward to a repeat of the strong rally in the coming months. According to price data, the current highest monthly close of Dogecoin price is $0.35 in August 2021.
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At the time of writing, Dogecoin price is on track to achieve a new monthly closing high in November. If history repeats itself, we could see Dogecoin rise between 1,000% and 8,000% in the coming months. Such a trend would not only be important for Dogecoin investors, but could also have broader implications for other cryptocurrencies in the meme market.
As Trader Tardigrade pointed out, a 1000% repeat of the first case would see Dogecoin reach $3.6 by July 2025. On the other hand, an 8000% repeat of the outlier It will see Dogecoin reach $26.9 By March 2025. Even price action between these two scenarios would result in a significant return.
At the time of writing, Dogecoin is trading at $0.372. Despite falling nearly 9% in the past 24 hours, Dogecoin is still up 140% since the beginning of November.
Featured image created with Dall.E, chart from Tradingview.com
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