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Dogecoin (DOGE) is at a critical juncture, with only days left in December to rectify a significant price decline and potentially replicate historical growth.
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Despite a challenging market, DOGE’s remarkable past performance may offer glimmers of hope for a late-year surge, accentuating the importance of community support.
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“A 50% increase is ambitious, yet the crypto scene is known for unexpected rallies,” a leading analyst noted, emphasizing the element of surprise in cryptocurrency markets.
With just days remaining, Dogecoin’s future depends on an extraordinary rally to recover from December’s downturn, examining historical patterns and market sentiments.
Historical patterns and current challenges
However, DOGE is currently down by a significant 23% this December. To square up with its December monthly figures, Dogecoin must witness a massive rally. That is, it should have a growth rate of about 50% to align with history.
In 2017, when DOGE posted the highest growth rate of 337.5% in December, it preceded this performance with a significant 81.9% rise in November.
Analysts project that with DOGE registering growth of 161.5% in November, Dogecoin might pull a last-minute surprise on the market. They maintain that for this to happen within the remaining four days, the ecosystem has to rally support.
Although a 50% rally appears to be a huge challenge, market observers hope the ongoing bullish cycle could lend support. Additionally, DOGE’s historic record fuels anticipation for a repeat of its previous achievements amid heightened adoption.
As of this writing, DOGE’s price was trading up 0.93% to $0.3202. However, trading volume remains down by 11.17% at $2.31 billion.
The lingering price fluctuation might have dampened investors’ confidence in the last 24 hours.
Can history repeat itself?
Nonetheless, DOGE appears to have rebounded well from its previous low of $0.3103 in earlier trading. As reported earlier by COINOTAG, DOGE’s downtrend might have ended as the meme coin looks to stabilize at the current price levels.
However, analysis shows the coin needs to breach the 50 EMA at $0.36 to revive optimism among traders and investors.
Interestingly, December has historically been a notable month for Dogecoin as the asset first flipped $1 billion in market capitalization seven years ago.
Hence, there might be a slight chance it could repeat history to attain its average growth rate.
Conclusion
As December races towards its end, Dogecoin finds itself at a crucial crossroads. To revive its standing among investors and creditors, a concerted effort from both the community and market dynamics is essential. The upcoming days will be instrumental in determining whether DOGE can tap into its historical trends or if it will falter under pressure.
