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Dogecoin (DOGE) is forming a very emphatic setup that may see its price print its second biggest price jump of all time. According to on-chain market analyst @Ali_Charts, Dogecoin has formed a descending triangle on the monthly chart. The analyst pointed out that the last time such a setup was formed, the premier meme coin shot up by more than 23,200%.
The descending triangle on the monthly chart setup is very rare, and the formation indicates a brewing upsurge across the board. As a means to confirm the bullish indicator, Ali said he would be watching for a monthly close above $0.08.
#Dogecoin | The last time a descending triangle developed on the monthly chart $DOGE pumped 23,200%! 👀
— Ali (@ali_charts) July 23, 2023
I'll be looking at a sustained monthly close above $0.80 for confirmation. pic.twitter.com/RVgymwIhtK
At the time of writing, Dogecoin is changing hands at a price of $0.07131, down by 0.38% over the past 24 hours. On the weekly front, the meme coin is maintaining a sheer resilience that has seen it ink an almost negligible growth of 0.69%. Dogecoin, though a mid-cap altcoin, is seeing wild volatility that can favor price growth should Ali's confirmation be recorded.
In the meme coin world, Dogecoin has seen relatively suppressed growth when compared to new entrants, especially PEPE Coin (PEPE). Nonetheless, it remains the real delight of investors who want a bit of volatility and stability.
Subtle Dogecoin advantage
In the digital currency ecosystem, there are moves that are quite possible irrespective of how unrealistic they might be. The possibility of Dogecoin reprinting up to 20,000% growth might seem far-fetched; however, it is not impossible, especially with the series of advantages that are associated with crypto.
Riding on its legacy as the first and dominant meme coin, to its affiliation with Twitter, to Elon Musk's interest in it, Dogecoin has the right fundamentals to back up the technical indicators that a major price run is imminent.
Dan Burgin
Yuri Molchan
Denys Serhiichuk
