Dogecoin Price May Surge Following Potential Highest Monthly Close
The Dogecoin price is currently down by 9% in the past 24 hours, but it remains positioned to potentially reverse these losses. It is on track to close the month with a significant bullish candle, indicating a possible higher monthly close.
Dogecoin Price To Make Higher Monthly Close
Breaking above its previous highest monthly close is notable for Dogecoin, as this has historically marked the beginning of stronger rallies. Such occurrences have been rare in Dogecoin's history and typically lead to gains exceeding 1,000% within months.
The last instance of Dogecoin closing above its highest monthly close occurred in 2021, resulting in an increase of over 8,000% in approximately four months, reaching an all-time high of around $0.732. A similar breakout was noted in 2017, which initiated a 1,000% rise over eight months.
What Does This Mean For DOGE?
Historically, a repeat of these patterns could lead to a powerful rally for Dogecoin. The current highest monthly close stands at $0.35 from August 2021. Presently, Dogecoin is on track to achieve a new highest monthly close this November. If historical trends hold, potential surges could range between 1,000% and 8,000% in the upcoming months, significantly benefiting Dogecoin investors and impacting other cryptocurrencies in the meme coin sector.
Trader Tardigrade suggests that a repeat of the prior 1,000% gain could see Dogecoin reach $3.6 by July 2025, while an 8,000% increase could push it to $26.9 by March 2025. Even movements between these scenarios would yield substantial returns.
Currently, Dogecoin is trading at $0.372. Despite a 9% retracement in the last 24 hours, it has gained 140% since early November.
