Dogecoin: Will November Be As Profitable As October?

Cryptos have this ability to surprise, and sometimes, to disappoint us when we least expect it. Between hopes and setbacks, their volatility remains relentless, and Dogecoin is no exception to this rule. After a remarkable October with a return of 41.4%, the famous memecoin is set to face November, a historically unpredictable month for it. What do the upcoming weeks hold for Dogecoin?

Brilliant October for Dogecoin: A Memorable Performance

The Dogecoin price just closed October on a positive note, recording an impressive return of 41.4%, the second-best monthly score since 2022. This momentum is partly driven by renewed optimism among retail investors, a factor amplified by the impact of Bitcoin and the fervor of SpaceX’s CEO, Elon Musk, known for his public support of DOGE.

In October, the memecoin was also boosted by several market indicators, including increased transaction volume – $1.17 billion traded by the end of October – and strong demand, fueling growth prospects for November.

For the numbers enthusiasts, here is an overview of the increases recorded in recent years:

• November 2017: +81.9%;
• November 2022: -14.6%;
• November 2021: -23.4%;
• November 2023: +22.5%.

The variations of Dogecoin during the month of November, although sometimes erratic, prompt analysts to remain cautious, some even mentioning the possibility of a bullish movement similar to those seen previously.

History hints that November could spark a parabolic bull run for #Dogecoin $DOGE! Keep an eye out for a sustained close above $0.20. pic.twitter.com/8NOLo6Jjoh

— Ali (@ali_charts) October 30, 2024

Ali Martinez, crypto analyst, has also highlighted on X:

“The history suggests that November could trigger a parabolic bull run for Dogecoin.“

The threshold to watch would be a closing level above $0.20 to maintain this trend.

A Growing Meme Crypto: What Does History Say for November?

Dogecoin, born as a simple meme in 2013, has carved out an important place among altcoins. However, November has historically been a mixed month for crypto. Looking at the trends, Dogecoin has had fluctuating Novembers: four increases and six decreases since 2014.

Analysts emphasize that the enthusiasm around DOGE could work in its favor this month, but some signals still invite caution.

Furthermore, the historical chart of Dogecoin reveals two major triangular patterns between 2014 and 2022. The first preceded a rise of 8,933% in 2017, and the second, a surge of 15,524% in 2021. If Dogecoin succeeds in breaking out of the third triangular pattern initiated in 2021, it could potentially reconnect with a similar surge.

For investors, the idea of missing such a rise might turn into a reason to hold their positions, despite caution signals.

However, experts had warned as early as late October: current indicators point towards a potential halt to the Dogecoin rally, prompting some investors to consider selling.