Following Bitcoin’s recent bullish trajectory, Dogecoin prices rallied in late October, posting the second-highest monthly return for October since 2014, according to Cryptorank’s historical data.
Now, as November approaches, investors and market experts are eager to see how the popular meme coin will perform this month. With market sentiment high and demand for Dogecoin on the rise, the meme coin could have a bullish November or a relatively dull November.
How will the price of Dogecoin perform in November?
Throughout October, Dogecoin’s price experienced considerable market volatility, following trends set by prominent cryptocurrencies such as Bitcoin (BTC). As of the end of October, Dogecoin closed in positive territory, with a monthly return of 41.4%, the second-highest level since 2022, when Dogecoin was up about 105.8%, according to CryptoRank.
Dogecoin prices have been rising steadily throughout October, posting an impressive gain of 42.65%, according to CoinMarketCap. The price rally was sparked by a combination of bullish factors, including a resurgence in interest among the retail investor community, optimism fueled by SpaceX CEO Elon Musk’s Dogecoin proposal, and Bitcoin’s positive performance in October.
October has passed, and looking back at Dogecoin’s historical performance in November may give us a deeper understanding of its future trends. According to CryptoRank data, Dogecoin’s performance in November was mixed.
Historically, the fourth quarter (Q4) has seen greater price volatility for Dogecoin. CryptoRank reports that Dogecoin’s monthly returns increased by 22.5% in November 2023, after decreasing by 14.6% and 23.4% in November 2022 and November 2021, respectively. Dogecoin’s highest monthly return in November was in 2017, with an increase of 81.9%, while the lowest return was in 2018, with a decrease of 42.2%.
Based on historical data, Dogecoin has had a somewhat lackluster November performance, with four months of positive returns and six months of negative returns since 2014. Given this trend, investors should keep a close eye on the price of Dogecoin as key indicators such as positive sentiment, trading volume, and increased demand could have a significant impact on the memecoin’s market movements this November.
DOGE prepares for parabolic run in November
In a recent X (formerly Twitter) post, cryptocurrency analyst Ali Martinez unveiled a decidedly bullish Dogecoin price prediction for November 2024. Martinez revealed that historical performance of Dogecoin prices suggests that November could spark a parabolic rise for the meme coin.
In a detailed chart, Martinez shows two different triangle patterns in Dogecoin price from 2014 to 2022. The first triangle pattern saw Dogecoin breakout in 2017, with the price rising by 8,933.01%. The second triangle pattern resulted in a more significant rally, with Dogecoin’s price rising by 15,524.74% following the 2021 breakout.
Source: X
With the latest triangle forming at the start of 2021, if Dogecoin can successfully break out of this pattern, Martienz predicts that a sustained close above $0.2 is possible.
DOGE price at $0.16 |
