A Monopolistically competitive market is a type of market that has similar but not identical goods while a Monopolistic market is where goods and services are offered by only one trader.This is unlike the perfectly competitive market which is an ideal market distinguished by many independent buyers and sellers of identical products and services with static prices due to minimal entry barriers and higher competition. 
  DIFFERENCES IN CHARACTERISTICS 
1.A Monopolistically competitive market has similar but not identical goods whereas a Monopolistic market has unique products with no near substitutes.This is unlike a Perfectly competitive market whereby the products are homogeneous.
2.There is easy access and exit in a monopolistically competitive market whereas a Monopolistic market has barrier to entry and exit while a perfectly competitive market has free entry and exit.An example of a Monopolistic market is A Grocery store.An example of a monopolistically competitive market is a A market for Soaps Company while an example of a perfectly competitive market is an online shopping platform.
SIMILARITIES IN CHARACTERISTICS
1.All the firms compete with each other.
2.In all the firms,the equilibrium is established at the point of equality of marginal cost and marginal revenue.
3.In all the market situations,firms can earn super-normal profits or incur losses in the short-run.But in the long-run,firms earn only normal profit.
If a competitor increases the  price of goods in a Monopolistic market,it will lose all of its market share to the other companies based on the market and share demands.
An decrease in price in a monopolistically competitive market results to an increase in sells while an increase in price results to an increase in sales.
In a perfectly competitive markets,if a firm raises the price of its products it will lose all of its sales to the competitors and vice versa.