The month of September has been trying for the crypto market, but ultimately, the Dogecoin price looks to end the month in the green. September has historically been a bearish month for the market, so the Dogecoin price finishing in the green is actually quite bullish for the meme coin. As the new month swims into view, this report takes a dive into how the month of October has been historically for the Dogecoin price, and what the expectations might be.
October Is Bullish For The Dogecoin Price
While the month of October looks to be a fairly mixed bag when it comes to the Dogecoin price, it shows that the month is often more bullish than not. In the last 11 years of the meme coin’s existence, it has ended the month of October in the green six total times, with most of these actually being double-digit gains, and once, in the triple digits back in the year 2022.
The other years, five in total, were in the red, in varying degrees. However, an aggregate shows that the price is more likely to end in the green, with a median return of 8.37% and an even higher average return of 11.6%. This means that the odds of a double-digit rally are high for the month of October.
The last four years have also consistently ended in the green for the meme coin, regardless of the broader market headwinds. It also works into the fact that the last quarter of the year, Q4, has been bullish for cryptocurrencies, and the Dogecoin price has performed accordingly.
If it follows the trend of the last four years, then the Dogecoin price could be looking at at least a 10% increase next month. This could set it on the path toward $0.3 once again, which has become the level to beat for the meme coin.
The Rest Of The Year In View
Just like the month of October, November is also a very bullish month for the Dogecoin price. CryptoRank data shows that the digital asset rallied 161.5% back in November 2024, and 22.5% the year before. While its median return is lower than October at -2.72%, it actually boasts a higher average return of 18.9%. This suggests that if September is bullish, then the trend could continue in November.
December’s average returns are even higher than November’s at 22.1%. However, its median returns come out at 4.52%. Overall, though, the last quarter of the year is still more bullish, rivaling the first quarter of the year when it comes to gains.
Featured image from Dall.E, chart from TradingView.com
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