Dogecoin has just completed another month in the green despite the various dips and turns that it took in November. This green monthly close marks its second consecutive green monthly after finishing out October in the green as well. With this trend now complete, let’s take a look at Dogecoin’s historical performance when it has notched two consecutive green monthly closes.
Two Green Dogecoin Monthly Closes
The two consecutive green monthly closes for Dogecoin are significant due to how the price has performed when this has happened in the past. Given the meme coin’s highly volatile nature, it is not every time that it notches two consecutive green monthly closes and this could be very bullish for the price.
For example, back toward the end of 2020, the meme coin had closed out the months of November and December in the green. While at the time, it did not seem relevant, this would signal the start of one of the most impressive rallies in crypto so far.
Dogecoin took the green monthly closes and ran with it and the next few months would be characterized by nothing but green. The DOGE price went from around $0.008 following the green monthly close to over $0.05 in the next four months.
Each of these four months would see the meme coin close in the green as its price continued to rally. If this trend were to repeat itself once again, then the DOGE price could be gearing up for another massive run.
DOGE completes two green monthly closes | Source: DOGEUSD on Tradingview.com
Can DOGE Replicate This Success?
Dogecoin has historically been good with following trends, which bodes well for the current performance. However, there have been times when there has been a deviation from this trend despite marking the two consecutive monthly closes.
In September and October 2022, Dogecoin had closed out both months in the green. However, the next few months would turn out to be quite bearish for the price. In the end, the meme coin saw two red monthly closes before seeing another monthly close.
A major difference between the 2022 trend and the 2023 trend though is the fact that 2022 was quite bearish following the FTX collapse while 2023 is very bullish with the Bitcoin price recovering again. With investor greed at a very high level, Dogecoin could continue to rise.
As crypto analyst Ali Martinez points out, the meme coin is currently seeing a lot of resistance at $0.087. However, once it breaks through this resistance, then the DOGE price could double from here.
Featured image from Watcher Guru, chart from Tradingview.com
Read the full article here