Dogecoin’s price is starting to reverse some of the gains it made last week. At the time of writing, the price of Dogecoin is a decrease of 9%, i.en 24 hours, but this is a good moment to quickly reverse these losses.

Dogecoin in particular still on track to close the month with a very long bullish candle. In particular, cryptocurrency analyst Trader Tardigrade highlighted this phenomenon for Dogecoin price on social media platform X. As the analyst noted, Dogecoin is on track to close November above its previous monthly closing high.

Dogecoin Price to Get Higher Monthly Close

Breaking above the previous monthly high may seem like a routine move during a rally for some cryptocurrencies, but in the case of Dogecoin, it means something much more significant. Historically, whenever the Dogecoin price exhibits this phenomenon, it has always signaled the beginning of a stronger rally.

Interestingly, this event was infrequent in Dogecoin’s 11-year history, which makes it even more significant when it occurs. What’s more engaging is that whenever this happens, he has always gained over 1000% in just a few months.

The last time Dogecoin’s price closed above its monthly closing high was in 2021, which ultimately led to an boost of over 8,000% in about four months. This boost has led to Dogecoin’s current all-time high of around $0.732.

Prior to the 2021 rally, a similar breakout occurred in 2017. This earlier instance resulted in an impressive 1,000% gain in eight months.

What does DOGE mean?

Given these historical patterns, we may very well expect a repeat of the massive surge in the coming months. According to price data, Dogecoin’s current monthly high price close for August 2021 is $0.35.

As of this writing, Dogecoin price is on track to hit a fresh monthly close high in November. If history were to repeat itself, we could see the price of Dogecoin boost by 1,000% to 8,000% in the coming months. Such a trend would not only be significant for Dogecoin investors, but could also have broader implications for other cryptocurrencies in the meme coin market.

As noted by Trader Tardigrade, a repeat of the first case of 1000% would push Dogecoin to $3.6 by July 2025. On the other hand, a repeat of the unusual case of 8000% this would take Dogecoin to $26.9 by March 2025. Even a price change between these two scenarios would result in a significant return.

At the time of writing, Dogecoin is trading at $0.372. Although Dogecoin is down about 9% in the last 24 hours, it is still up 140% since the beginning of November.

Featured image created with Dall.E, chart from Tradingview.com