Dogecoin price is starting to reverse some of the gains made last week. At the time of writing, Dogecoin price is down 9% in 24 hours, but it is in a good position to reverse those losses very soon.

Notably, Dogecoin is still on track to close the month with a very long bullish candle. Notably, crypto analyst Trader Tardigrade highlighted this phenomenon for Dogecoin's price on social media platform X. As the analyst points out, Dogecoin is on track to close November higher than its previous monthly high.

Dogecoin Price to Surge Higher at Monthly Close

Breaking above the previous monthly high may seem like a routine move in bull runs for some cryptocurrencies, but for Dogecoin, it signals something much more significant. Historically, every time Dogecoin's price has exhibited this phenomenon, it has always marked the start of a stronger bull run.

What's interesting is that this event is rare in Dogecoin's 11-year history, making it even more impactful when it happens. What's more interesting is that whenever it happens, it always increases by over 1,000% in just a few months.

The last time Dogecoin closed above its monthly high was in 2021, ultimately leading to a surge of more than 8,000% in about four months. This surge is responsible for Dogecoin's current all-time high of around $0.732.

Prior to the 2021 bull run, a similar breakout took place in 2017. This previous breakout triggered an impressive 1,000% gain over the course of eight months.

What does this mean for DOGE?

With these historical patterns, we can also expect a repeat of a strong bull run in the coming months. According to price data, Dogecoin's current monthly closing high is $0.35 in August 2021.

At the time of writing, Dogecoin is on track to hit a new monthly high this November. If history repeats itself, we could see Dogecoin surge 1,000% to 8,000% in the coming months. Such a trend would not only have implications for Dogecoin investors, but could also have broader implications for other cryptocurrencies in the meme market.

As Trader Tardigrade pointed out, if the first scenario repeats 1,000%, Dogecoin would hit $3.60 by July 2025. On the other hand, if the extreme 8,000% scenario repeats, Dogecoin would hit $26.90 by March 2025. Even price fluctuations between these two scenarios would result in significant profits.

At the time of writing, Dogecoin is trading at $0.372. Despite falling about 9% in the past 24 hours, Dogecoin is still up 140% since the beginning of November.