Dogecoin Starts February With a 23% Drop, What Do Historical Data Suggest?

Dogecoin started this month with a crash, causing pessimism among DOGE investors. This pessimism is further reinforced by historical data, showing that these investors should not be too optimistic about this top meme coin recording a significant increase this month. Dogecoin starts February with a 23% increase as historical data shows a pessimistic picture CryptoRank data shows that the price of Dogecoin has decreased by 23% since the beginning of February. This comes after the green month closure, which the leading meme coin achieved in January, with a 4% increase in the first month of the year. In the context of the price decline since the beginning of this month, historical data also indicates a prospect of price reduction for DOGE throughout this month. Data from CryptoRank shows that historically, February is a month of decline for Dogecoin. The leading meme coin has suffered an average monthly loss of 1% in February since its launch in 2013. DOGE has only closed in the green four times in February over the past twelve years. However, it should be noted that Dogecoin only closed February with a loss of over 20% once, in 2014, when its price dropped over 30%. Therefore, this meme coin may still experience a slight recovery, which could reduce the severity of the 23% price drop since the beginning of this month. Meanwhile, although historical data paints a pessimistic picture for Dogecoin, cryptocurrency analysts have presented an optimistic outlook for this meme coin. Cryptocurrency analyst Master Kenobi recently highlighted similarities between the current price trend of DOGE and the price surge in 2017. Based on these similarities, he predicts that Dogecoin may soon start the next price rally, surpass $1, and reach its market peak around April. DOGE can still reach $10 in this cycle. In a post on X, cryptocurrency analyst Ali Martinez predicts that Dogecoin could still reach $10 in this market cycle. He declares that as long as DOGE holds above $0.19, the setup for a parabolic rise towards $10 remains strong. The analyst further states that momentum is building for the leading meme coin, indicating that it may soon begin the next leg of the price increase.

Cryptocurrency analyst Trader Tardigrade predicts that Dogecoin could reach at least $4.5. He claims that DOGE's (ADX) average directional index signals an imminent strong price increase. ADX measures trend strength by quantifying the level of price movement in a certain direction. Analyzing the weekly chart, the analyst asserts that a "super strong trend" could happen soon and will peak in the coming weeks when this meme coin reaches $4.5.