The Dogecoin price is beginning to retract some of the substantial gains it achieved over the past week. At the current moment, Dogecoin is down by 9% over the last 24 hours, yet prospects for a recovery appear promising. Despite this dip, Dogecoin remains poised to end the month with a remarkably bullish performance.
Crypto analyst Trader Tardigrade highlighted this bullish trend on social media platform X, noting that Dogecoin is positioned to close November above its highest monthly close level. When Dogecoin surpasses its previous peak monthly close, it typically heralds a significant uptick. Historically, such movements have been followed by robust rallies, marking pivotal moments in Dogecoin’s trading history.
Although surging past its highest monthly close might seem like a routine event during bullish cycles for some cryptocurrencies, for Dogecoin, it signals a far more substantial shift. Historically, every instance of Dogecoin achieving a new high monthly close has led to a marked increase in value. Given the rarity of this event in Dogecoin’s 11-year lifespan, its impact is potentially enormous. Each previous occurrence has resulted in gains exceeding 1,000% within a few months.
The last noteworthy rally occurred in 2021 when Dogecoin closed above its previous highest monthly close, leading to an extraordinary surge of over 8,000% within four months. This meteoric rise propelled Dogecoin to its all-time high of approximately $0.732. A similar breakout took place in 2017, driving a 1,000% increase over eight months.
Considering these historical patterns, the possibility of another powerful rally in the coming months is significant. Current price data places Dogecoin’s highest monthly close at $0.35 achieved in August 2021. Now, with Dogecoin on the verge of setting a new high monthly close this November, the potential for a substantial surge looms large. If past trends hold true, Dogecoin could see increases ranging from 1,000% to 8,000% in the following months. This potential surge could profoundly impact not only Dogecoin investors but also the broader meme coin market.
Trader Tardigrade posits that a 1,000% increase would elevate Dogecoin to $3.6 by July 2025. An extraordinary 8,000% rise could see Dogecoin hitting $26.9 by March 2025. Even a moderate surge between these figures would result in notable returns for investors.
Currently, Dogecoin is trading at $0.372. Despite a recent 9% pullback, it has risen by 140% since the start of November, suggesting that it remains resilient and well-positioned for further gains.
