Analyzing Dogecoin's Back-to-Back Positive Monthly Closures: A Historical Comparison

Two Consecutive Green Monthly Closes for Dogecoin

Dogecoin has achieved two consecutive green monthly closes, which is significant considering its volatile nature. This could be a bullish sign for the price, as history has shown that previous instances of two green monthly closes have led to impressive rallies.

Past Performance of Dogecoin with Two Green Monthly Closes

In late 2020, Dogecoin closed out November and December in the green. This turned out to be the start of a remarkable rally for the meme coin. Over the next four months, the price surged from around $0.008 to over $0.05, with each month closing in the green.

If history were to repeat itself, we could see another massive run for DOGE as it continues to notch consecutive green monthly closes.

Comparison with Previous Trends

It’s worth noting that in the past, Dogecoin experienced bearish trends following two green monthly closes. However, there are some differences this time around. In 2022, the price was bearish due to the FTX collapse, while in 2023, Bitcoin’s recovery has created a bullish environment. With high investor greed, Dogecoin has the potential to continue rising.

Resistance and Potential Doubling of DOGE Price

Crypto analyst Ali Martinez highlights that Dogecoin is currently facing resistance at $0.087. However, if it manages to break through this level, there is a possibility for the DOGE price to double from its current value.

Hot Take: Dogecoin’s Promising Streak Continues

Dogecoin has proven its resilience once again by achieving two consecutive green monthly closes. This is a positive signal for the meme coin, as it has historically led to significant price rallies. While past trends indicate the possibility of subsequent bearish periods, the current market conditions, with Bitcoin’s recovery and high investor greed, suggest a more bullish outlook for Dogecoin. The resistance at $0.087 may pose a challenge, but if overcome, DOGE could see its price double from its current level. Overall, Dogecoin’s performance remains promising and worth keeping an eye on.