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Dogecoin has recently seen a reversal in its gains from last week. As of now, Dogecoin’s price has dipped by 9% within 24 hours. However, the cryptocurrency is well-poised to recover these losses soon. Despite this temporary setback, Dogecoin remains on track to achieve a significant monthly milestone, characterized by a long bullish candle.
Dogecoin Price To Make Higher Monthly Close
For many cryptocurrencies, surpassing the previous highest monthly close may seem like a routine event during bullish periods. However, for Dogecoin, this development is far more meaningful. Historically, whenever Dogecoin achieves this milestone, it often signals the commencement of a robust rally.
Historical Significance of Dogecoin’s Monthly Close
Interestingly, this phenomenon is a rare occurrence in Dogecoin’s 11-year timeline, making it significantly impactful when it happens. Historically, such instances have led to gains exceeding 1,000% over a few months. The last notable instance was in 2021, resulting in an impressive surge of over 8,000% within four months, propelling Dogecoin to an all-time high of approximately $0.732.
Before the 2021 rally, a similar breakout occurred in 2017, which sparked a remarkable 1,000% increase over eight months. This historical pattern highlights Dogecoin’s potential for remarkable growth whenever it surpasses its previous highest monthly close.
What Does This Mean for DOGE?
Given these historical patterns, there’s potential for another powerful rally in the upcoming months. According to recent price data, Dogecoin’s current highest monthly close is $0.35, recorded in August 2021. As of now, Dogecoin is on track to establish a new highest monthly close this November.
Potential Rally and Market Implications
If history repeats itself, Dogecoin could experience a surge ranging from 1,000% to 8,000% in the coming months. Such a trend would not only be significant for Dogecoin investors but could also have broader implications for the entire meme coin market. Crypto analyst Trader Tardigrade suggests that a repeat of the first 1,000% scenario could see Dogecoin reaching $3.6 by July 2025. On the other hand, an extraordinary 8,000% surge could propel Dogecoin to $26.9 by March 2025. Even a price movement between these two scenarios would yield substantial returns for investors.
At present, Dogecoin is trading at $0.372. Despite a 9% retracement in the past 24 hours, Dogecoin remains up by 140% since November began. This resilience indicates a strong position for future growth.
In conclusion, Dogecoin’s current price trends and historical patterns suggest the potential for significant growth in the coming months. This possibility, coupled with its historical precedent, positions Dogecoin as a cryptocurrency to watch closely in the evolving market landscape.
