Dogecoin Price To $20? Higher Montly Close Suggests 8,000% Run Is Possible

by

As an analyst with over two decades of experience in the financial markets, I have witnessed numerous market trends and patterns unfold. However, the Dogecoin (DOGE) phenomenon is unlike anything I have ever seen before, and it’s fascinating to observe its unique behavior.

The price of Dogecoin appears to be counteracting some of the increases it experienced previously in the week. Currently, the value of Dogecoin has dropped by about 9% over the past day, but it seems poised for a quick recovery from these recent losses.

Specifically, Dogecoin appears set to end November with a significantly bullish candle, as noted by crypto analyst Trader Tardigrade via social media. Importantly, this bullish trend indicates that Dogecoin could potentially close November at a new high compared to its previous highest monthly closing price.

Dogecoin Price To Make Higher Monthly Close

Achieving a new monthly high above its previous peak might appear commonplace during bullish market surges for certain cryptocurrencies. However, for Dogecoin, such an event indicates something far more substantial. In the past, every instance where Dogecoin’s price displayed this pattern has signified the start of a more powerful upward trend.

It’s noteworthy that such an event is uncommon in Dogecoin’s 11-year lifespan, making it all the more significant when it does take place. Intriguingly, every time this happens, the value has consistently surged by over 1,000% within a few short months.

Previously, Dogecoin’s closing price had risen above its highest monthly close for the last time in 2021. This increase eventually soared by over 8,000% within roughly four months, reaching a peak of approximately $0.732 – which is the current record high for Dogecoin.

Before the 2021 surge, a comparable surge occurred in 2017. This previous occurrence led to an astonishing 1,000% increase spanning approximately eight months. As a researcher studying these market trends, I find it intriguing to note the similarities between these two events and their significant impact on market behavior.

What Does This Mean The DOGE?

Based on past trends, it’s plausible that we might experience another significant surge in the upcoming months. As per the latest price records, the closing price of Dogecoin for August 2021 was at an all-time high of $0.35 per coin.

Currently, as I type this, Dogecoin’s price appears poised to establish a fresh monthly high in November. If past patterns recur, we might witness Dogecoin experiencing a substantial increase ranging from 1000% to 8000% over the next few months. Such a development wouldn’t just be noteworthy for Dogecoin investors; it could also carry far-reaching consequences for other meme coins in the cryptocurrency market.

According to Trader Tardigrade’s analysis, if Dogecoin experiences another surge similar to its initial 1,000% rise, it could be worth around $3.6 by July 2025. If, on the other hand, we see an even greater increase like the 8,000% surge, Dogecoin could potentially reach $26.9 by March 2025. Regardless of which scenario unfolds, it’s clear that Dogecoin’s price movement in the future could offer significant gains.

As I type this, Dogecoin’s current value stands at $0.372. Despite a dip of approximately 9% over the last day, it’s important to note that Dogecoin has surged by an impressive 140% from its starting point in November.

Read More

2024-11-14 00:40