Dogecoin and the Potential for Strong Growth in the Coming Month
Dogecoin ($DOGE) is showing signs of a reversal after last week’s strong gains. Dogecoin is currently down about 9% over the past 24 hours, but it still has the momentum to quickly recover from these losses.
Notably, Dogecoin appears to be heading towards closing November with a long bullish candle, a positive sign for investors. Popular analyst Trader Tardigrade shared this sentiment on the X platform, stating that Dogecoin is likely to hit its highest monthly close ever. If achieved, this would be a major turning point for the coin, which often kicks off major price rallies.
Dogecoin and Its Strong Price Rise in History
Whenever Dogecoin hits a monthly closing high, it usually triggers a massive rally. In fact, this has only happened a handful of times in Dogecoin’s 11-year history, but each time it has resulted in a massive price surge. The most recent one was in 2021, when Dogecoin’s price increased by more than 8,000% in just four months, reaching an all-time high of $0.732.
A similar situation occurred in 2017, when Dogecoin increased by more than 1,000% in an eight-month period after reaching a new closing high. These impressive growth spurts show the strong potential of Dogecoin when it reaches important price levels.
Future Potential of Dogecoin ($DOGE)
Based on price history, Dogecoin’s current monthly high is $0.35 (in August 2021). At the time of writing, Dogecoin is likely to hit a new monthly high in November. If historical trends repeat, we could see Dogecoin increase by 1,000% to 8,000% in the next few months. If it reaches 1,000%, Dogecoin could reach $3.60 by July 2025, and if it reaches 8,000%, Dogecoin could reach $26.90 by March 2025.
Dogecoin is currently trading at $0.372, a whopping 140% increase since the beginning of November. This not only presents a great opportunity for investors $DOGE but could also spur growth in the entire cryptocurrency market, especially other meme coins.
Note: This is not financial advice. Investors should exercise caution and conduct their own research before making any decisions.
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