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DOGE traders are closely watching December as "Santa Claus rally" trends resurface. With its historical price swings during this season, the meme coin could find bullish momentum heading into the holidays.
DOGE's Santa Claus Rally: A Seasonal Pattern to Watch
According to U.Today, assuming past trends hold, Dogecoin (DOGE), the beloved meme coin, might get a bump over the holidays.
Cryptocurrency market participants are eyeing the "Santa Claus rally," a seasonal increase in asset prices and financial markets that happens between the last two trading days of January and the last five trading days of December, as the most dangerous and potentially profitable phenomena.
Although this pattern is usually linked to equities, it may potentially have an impact on DOGE, particularly considering its distinct December price history.
Historical Data Bolsters Bullish Hopes for December
Such rallies have outperformed the average market movement historically, happening 76% of the time. Cryptocurrency traders frequently seek out such patterns for possible similarities, even though they originate in traditional financial markets.
There is reason to be optimistic about Dogecoin's performance this year, despite the mixed image painted by its December performance over the last decade.
For instance, CryptoRank data reveals both extreme and moderate rallies, with the former including a whopping 337.5% increase in December 2017 and the latter including 32.4% in 2020 and 7.87% in 2018.
Mixed December Performance Leaves Traders Curious
Notably, Dogecoin experienced a slight increase of 7.01% last year. Yet negative years are not uncommon either; a steep 34.7% drop occurred in December 2022.
As December progresses, everyone is waiting to see if Dogecoin can maintain its upward trend. Doge is a cryptocurrency to keep an eye on this holiday season, thanks to a mix of historical tendencies, modest gains so far this month, and the possibility of a Santa Claus rally.
November's Gains and DOGE's Price Trajectory
You should also take into consideration the performance of the leading meme coin in November, DOGE, which saw a gain of 161.5%. At its current price of $0.42, it has a 75% greater all-time high. Even if this is completely out of the question for Dogecoin, it doesn't appear that way.
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