Dogecoin (DOGE) is racing against time to repeat its historic growth pattern in December 2024. Cryptorank data highlights an average monthly growth rate of 22.2% for DOGE during this month over the past decade. However, DOGE is currently down by 23% this December, raising concerns about whether it can meet its historic benchmarks.
To match its typical December performance, Dogecoin must achieve a remarkable rally of around 50% in the next few days. Historical data offers some perspective. For instance, in December 2017, DOGE recorded its best growth rate of 337.5% after surging by 81.9% in November. Analysts suggest that the coin’s impressive 161.5% growth in November 2024 could set the stage for a similar surprise rally this month.
Source: Cryptorank
Market Sentiment Hinges on Community and Ecosystem Support
Analysts believe DOGE’s ability to stage a comeback depends heavily on ecosystem and community support. While a 50% rally appears daunting, market observers remain cautiously optimistic.
Related article: Dogecoin Faces Resistance Amid Consolidation, Showing Minor 1.06% Decrease: 24-Hour Price Analysis
The ongoing bullish cycle and DOGE’s historic track record fuel hopes of a recovery. Currently, DOGE trades at $0.3202, reflecting a modest 0.93% increase.
Source: CoinMarketCap
Despite this slight uptick, trading volume has dipped by 11.17%, settling at $2.31 billion. The fluctuating price trends have shaken investor confidence, particularly over the past 24 hours.
Breaking Key Resistance Levels Is Crucial
DOGE has shown signs of recovery from its recent low of $0.3103. Analysts note that breaching the 50-day Exponential Moving Average (EMA) at $0.36 is essential to reignite optimism among traders and investors. Without surpassing this resistance level, DOGE’s upward momentum may stall.
Related article: DOGE Price Trends and Whale Activity: What’s Driving the Market?
Historically, December has been a pivotal month for Dogecoin. Seven years ago, the meme coin surpassed a $1 billion market capitalization for the first time. This legacy, combined with the coin’s adoption momentum, raises the possibility of repeating past achievements.
While challenges remain, the next few days will determine whether DOGE can reclaim its December growth legacy.
