Following Bitcoin's recent bullish trajectory, the Dogecoin price has ended October in the green, marking its second-highest monthly returns in October since 2014, according to Cryptorank's historical data. Now, as November unfolds, investors and market experts are eager to see what the month has in store for the popular meme coin. With market sentiment high and demand for Dogecoin rising, the meme coin could see a bullish November or a relatively muted one.
What November Holds For The Dogecoin Price
Throughout October, the Dogecoin price has experienced its fair share of market fluctuationsfollowing trends set by established cryptocurrencies like Bitcoin (BTC). By the end of October, Dogecoin closed the month in positive territoryexperiencing a 41.4% increase in monthly returns—the second highest ever seen since 2022, when it saw a rise of approximately 105.8%, according to CryptoRank's data.
The steady increase in the Dogecoin price throughout October is notable, as its price has rallied by an impressive 42.65%, according to CoinMarketCap. This price rally has been triggered by a confluence of several bullish factors, including the resurgence of interest in the retail investor communitythe renewed optimism spurred on by SpaceX CEO Elon Musk's DOGE proposedl and the positive performance of Bitcoin in the month of October.
With October now over, a look at Dogecoin’s historical performance during November could help provide more insight into its future trajectory. Based on CryptoRank's dataDogecoin has shown mixed performance in November.
Historically, the Fourth Quarter (Q4) has been volatile regarding Dogecoin prices. CryptoRank reports that in November 2023, Dogecoin saw a 22.5% increase in monthly returns, also experiencing declines of 14.6% and 23.4% in November 2022 and 2021, respectively. Dogecoin's highest monthly returns for November were in 2017, with an 81.9% increase, while its lowest returns were in 2018, with a 42.2% decline.
Based on historical data, it appears Dogecoin had a slightly muted November performance, recording four months of positive returns and six November of negative returns since 2014. Given this trend, investors should closely monitor the Dogecoin price, as critical indicators like positive feeling, trading volumeand increased demand could significantly impact the meme coin's market trajectory this November.
DOGE Sets Stage For Parabolic Run In November
In a recent X (formerly Twitter) postcrypto analyst Ali Martinez unveiled a significantly bullish forecast for the Dogecoin price in November 2024. Martinez revealed that the Dogecoin price historical performance suggests that November could spark a parabolic run for the same coin.
In a detailed chart, Martinez illustrated two distinct triangle patterns in the Dogecoin price between 2014 and 2022. The first triangle pattern saw Dogecoin break out in 2017, resulting in an impressive 8,933.01% price rally. The second triangle pattern led to an even more significant rally, with Dogecoin's price recording a 15,524.74% increase following a breakout in 2021.
With the newest triangle formationwhich began in 2021, if Dogecoin can successfully break out of this pattern, Martienz has predicted that a sustained close above $0.2 could be possible.
Featured image created with Dall.E, chart from Tradingview.com
