Dogecoin Price Has One Last Chance to Repeat History

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As a seasoned researcher with years of experience in the crypto market, I have seen my fair share of bull runs and bear markets. However, the upcoming potential rally for Dogecoin (DOGE) in December 2024 is one that has piqued my interest more than most. With an average monthly growth rate of 22.2% historically, this digital asset has consistently shown resilience and growth potential.

2024 is left with only about four days for Dogecoin (DOGE) to carve out its place in history. According to Cryptorank’s data, the price of DOGE is expected to grow by an average of 22.2% each month in December. Over the past ten years, DOGE has demonstrated these monthly average growth figures as it continues its rise among the top 10 cryptocurrencies.

Historical patterns and current challenges

Conversely, Dogecoin has dropped by approximately 23% this December so far. To match its past December performance, Dogecoin needs a substantial surge. In other words, it requires a rise of around 50% to follow historical trends.

2017 saw Doge experience an impressive 81.9% increase in November, which was followed by its best-ever growth spurt of 337.5% in December.

Experts predict that due to Dogecoin‘s impressive 161.5% increase in November, it could potentially spring a late market surprise. They believe that for this unexpected move to take place in the remaining four days, there needs to be a significant surge of backing from the community.

Despite a 50% increase seeming like a difficult hurdle, market analysts remain optimistic that the current uptrend might offer assistance. Moreover, Dogecoin’s past performance stirs excitement for another round of its former successes as widespread acceptance grows stronger.

Currently, I’m observing a 0.93% increase in the price of DOGE, putting it at $0.3202. Yet, the trading volume is notably lower, standing at 11.17% less than usual, with a total of $2.31 billion being exchanged.

The lingering price fluctuation might have dampened investors’ confidence in the last 24 hours.

Can history repeat itself?

Despite experiencing a dip down to $0.3103 earlier today, DOGE seems to be bouncing back quite strongly. As previously reported by U.Today, it appears that the downtrend for DOGE may have come to an end, and the meme coin is now aiming to find stability at its current pricing points. (In my analysis)

To restore confidence among traders and investors, it’s crucial for the coin to surpass its 50 Exponential Moving Average (EMA) at approximately $0.36 in the analysis.

It’s worth noting that December has often been significant for Dogecoin, as the digital currency initially surpassed a market value of $1 billion about seven years back.

Hence, there might be a slight chance it could repeat history to attain its average growth rate.

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2024-12-27 15:42