Dogecoin Marks Two Consecutive Green Monthly Closes, What Happened The Last Time?
December 01 2023 - 2:00PM
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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. Related Reading: Bitcoin Spot ETF In January 2024: A New
Player Just Joined The Game 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. Related Reading: Bitcoin 65% Crash Possible? $54
Million In Buy Orders Pile Up At $12,000 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
Dogecoin (COIN:DOGEUSD)
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