In spite of the many ups and downs that it had over the month of November, Dogecoin has just finished another month where it has been profitable. After closing the month of October in the green as well, this green monthly closure represents the second straight green monthly for the company. In light of the fact that this pattern has already been completed, let us examine the historical performance of Dogecoin throughout the period in which it has achieved two consecutive green monthly closures.
Both of the monthly closes for Green Dogecoin
There is a substantial amount of significance associated with the two consecutive green monthly closures for Dogecoin owing to the price's performance in the past when this condition has occurred. Considering the very volatile nature of the meme coin, it is not every time that it earns two consecutive green monthly closes. This might be quite optimistic for the price, as it indicates that the meme coin is performing well.
An illustration of this would be the fact that the meme currency had finished the months of November and December in the green, which occurred around the end of the year 2020. At the time, it did not appear to be important; but, this would mark the beginning of one of the most amazing rallies in cryptocurrency that has occurred up to this point.
It was the green monthly closures that Dogecoin adopted and ran with, and the subsequent few months would be marked by nothing but green cryptocurrency prices. Following the green monthly closure, the price of DOGE increased from around $0.008 to more than $0.05 over the course of the subsequent four months.
The meme coin would end each of these four months in the green as its price continued to steadily increase during the course of the year. In the event that this pattern were to occur once more, the price of $DOGE may be getting ready for yet another significant run.
Could DOGE Achieve the Same Level of Success?
In the past, Dogecoin has demonstrated a strong ability to follow trends, which is a positive sign for the cryptocurrency's present success. There have been instances, however, in which there has been a departure from this pattern, despite the fact that the two consecutive monthly closures have been registered.
During the months of September and October 2022, Dogecoin had finished both months higher than it had started. On the other hand, the price is expected to drop significantly over the course of the following several months. At the conclusion of the day, the meme coin saw two monthly closes that were red before an additional monthly close occurred.
The fact that 2022 was highly bearish as a result of the collapse of FTX , but 2023 is quite bullish as a result of the Bitcoin price rebounding again, is a significant contrast between the trend in 2022 and the trend in 2023. It is possible that Dogecoin will continue to climb as long as investor greed remains at a very high level.
