Dogecoin: Will November be as profitable as October?

Cryptos have this ability to surprise, and sometimes, 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 month of October with a return of 41.4%, the famous memecoin is preparing to face November, a historically unpredictable month for it. What do the coming weeks hold for Dogecoin?

Brilliant October for Dogecoin: A Memorable Performance

The price of Dogecoin has just end October on a positive noterecording an impressive return of 41.4%the second best monthly score since 2022. This momentum is partly motivated by the optimism found among retail investorsa factor amplified by the impact of Bitcoin and the fervor of SpaceX boss Elon Musk, known for his public support for DOGE.

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

For fans of figures, 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 Dogecoin variations during the month of Novemberalthough sometimes erraticencourage analysts to remain cautious, with some even raising the possibility of an upward movement similar to that observed previously.

Ali Martinezcrypto analyst, also underlined on X:

“ History suggests that November could trigger a parabolic bull run for Dogecoin. »

The bar to watch would be a closing level beyond $0.20 to maintain this trend.

A growing crypto meme: What does history say for November?

Dogecoin, born as a simple meme in 2013has carved out a place of choice among altcoins. But November, historically, remains a mixed month for crypto. Looking at the trends, Dogecoin has had fluctuating months of November: four increases and six decreases since 2014.

Analysts point out that the enthusiasm around DOGE could work in its favor this month, but there are still some signals calling for caution.

Additionally, Dogecoin historical chart reveals two large triangular patterns between 2014 and 2022. The first preceded an increase of 8,933% in 2017and the second, a surge of 15,524% in 2021. If Dogecoin manages to break out of the third triangle pattern that began in 2021, it could potentially return to a similar surge.

For investors, the idea of missing such a rise could turn into a reason to hold their positionsdespite signals of caution.

However, experts had warned as early as the end of October: current indicators point to a possible end to Dogecoin's rally, prompting some investors to consider selling.