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Dogecoin has simply accomplished one other month within the inexperienced regardless of the varied dips and turns that it took in November. This inexperienced month-to-month shut marks its second consecutive inexperienced month-to-month after ending out October within the inexperienced as effectively. With this pattern now full, let’s check out Dogecoin’s historical performance when it has notched two consecutive inexperienced month-to-month closes.
Two Inexperienced Dogecoin Month-to-month Closes
The 2 consecutive inexperienced month-to-month closes for Dogecoin are vital because of how the worth has carried out when this has occurred up to now. Given the meme coin’s extremely unstable nature, it isn’t each time that it notches two consecutive inexperienced month-to-month closes and this may very well be very bullish for the worth.
For instance, again towards the top of 2020, the meme coin had closed out the months of November and December within the inexperienced. Whereas on the time, it didn’t appear related, this is able to sign the beginning of one of the vital spectacular rallies in crypto thus far.
Dogecoin took the inexperienced month-to-month closes and ran with it and the subsequent few months can be characterised by nothing however inexperienced. The DOGE price went from round $0.008 following the inexperienced month-to-month near over $0.05 within the subsequent 4 months.
Every of those 4 months would see the meme coin shut within the inexperienced as its worth continued to rally. If this pattern had been to repeat itself as soon as once more, then the DOGE price may very well be gearing up for one more large run.
DOGE completes two inexperienced month-to-month closes | Supply: DOGEUSD on Tradingview.com
Can DOGE Replicate This Success?
Dogecoin has traditionally been good with following traits, which bodes effectively for the present efficiency. Nevertheless, there have been occasions when there was a deviation from this pattern regardless of marking the 2 consecutive month-to-month closes.
In September and October 2022, Dogecoin had closed out both months in the green. Nevertheless, the subsequent few months would develop into fairly bearish for the worth. Ultimately, the meme coin noticed two purple month-to-month closes earlier than seeing one other month-to-month shut.
A serious distinction between the 2022 pattern and the 2023 pattern although is the truth that 2022 was fairly bearish following the FTX collapse whereas 2023 could be very bullish with the Bitcoin worth recovering once more. With investor greed at a really excessive stage, Dogecoin may proceed to rise.
As crypto analyst Ali Martinez factors out, the meme coin is presently seeing lots of resistance at $0.087. Nevertheless, as soon as it breaks by way of this resistance, then the DOGE price could double from right here.
Featured picture from Watcher Guru, chart from Tradingview.com
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