Since its start as a memecoin, Dogecoin (DOGE) has taken the cryptocurrency world by storm. The memecoin at press time is trading at $0.2760 (7.64%). The coin has a volume of $6.71 billion and a market cap of $41.65 billion.
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Looking historically, the coin has interesting patterns over months. Even though the cryptocurrency markets operate 24/7, there are several factors and economic events that influence the coins’ distinct patterns. According to the data provided by Crypto Rank, in previous years, April and May were the most profitable months for DOGE.
In April, the coin had an average performance of +62.8% and the median is at +3.49%.In May, the average performance of the coin was at +22% and the median at +3.92%.
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Many factors can affect DOGE’s monthly profitability. Trading volumes being increased, and social media impact can influence a boost or dip in the prices. In addition, cryptocurrency discussion panels, advocacy from celebrities, events in the technology sector, and macroeconomic events can influence the coin ecosystem.
Contrarily, the memecoin has seen most of its dip in June and September. The months have mostly a larger cryptocurrency corrections and regulatory review. Traders who have bought before these drops have faced significant losses.
The coin is experiencing resistance (Blue) at $0.2929 and can go up to $0.3000 if this breaks. The support line (yellow) is at $0.2714 and can plummet to $0.2600 if the price dips.
The Moving Average indicator suggests that the coin is going through a bullish momentum since the MA line is below the candlesticks. The Moving Average Convergence Divergence indicator shows that the altcoin is going through a bearish momentum since the Signal line (orange) is above the MACD line (blue).
Factors like institutional interest, clarity in regulations, and network growth influence the pattern of DOGE. All these factors can influence its monthly performance patterns too. Traders must keep an eye on these factors and technical indicators to be informed about the coin’s growth.
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