Dogecoin Price Completes October In The Green, Here's What Historical Data Says About November

Following Bitcoin’s recent bullish trajectory, the Dogecoin price has ended October within the green, marking its second-highest monthly returns in October since 2014, in accordance with Cryptorank’s historical data. Now, as November unfolds, investors and market experts are wanting to see what the month has in store for the favored meme coin. With market sentiment high and demand for Dogecoin rising, the meme coin could see a bullish November or a comparatively muted one.

What November Holds For The Dogecoin Price

Throughout October, the Dogecoin price has experienced its justifiable share of market fluctuations, following trends set by established cryptocurrencies like Bitcoin (BTC). By the top of October, Dogecoin closed the month in positive territory, experiencing a 41.4% increase in monthly returns—the second highest ever seen since 2022, when it saw an increase of roughly 105.8%, in accordance with CryptoRank’s data.

The regular increase within the Dogecoin price throughout October is notable, as its price has rallied by a powerful 42.65%, in accordance with CoinMarketCap. This price rally has been triggered by a confluence of several bullish aspects, including the resurgence of interest within the retail investor community, the renewed optimism spurred on by SpaceX CEO Elon Musk’s D.O.G.E proposal and the positive performance of Bitcoin within the month of October.

With October now over, a take a look at Dogecoin’s historical performance during November could help provide more insight into its future trajectory. Based on CryptoRank’s data, Dogecoin 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 rather muted November performance, recording 4 months of positive returns and 6 November of negative returns since 2014. Given this trend, investors should closely monitor the Dogecoin price, as critical indicators like positive sentiment, trading volume, and 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) post, crypto 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 meme coin.

In an in depth chart, Martinez illustrated two distinct triangle patterns within the Dogecoin price between 2014 and 2022. The primary triangle pattern saw Dogecoin break out in 2017, leading to a powerful 8,933.01% price rally. The second triangle pattern led to a fair more significant rally, with Dogecoin’s price recording a 15,524.74% increase following a breakout in 2021.

Source: X

With the latest triangle formation, which began in 2021, if Dogecoin can successfully break out of this pattern, Martienz has predicted that a sustained close above $0.2 might be possible.