Dogecoin Price To $20? Higher Montly Close Suggests 8,000% Run Is Possible
2024年11月14日 - 6:30AM
NEWSBTC
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 track to close the
month at a very long bullish candle. Notably, crypto analyst Trader
Tardigrade highlighted this phenomenon for 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? 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 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 $26.9 by March 2025. Even a price movement
between these two scenarios would result in a substantial return.
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. Featured image created with
Dall.E, chart from Tradingview.com
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