Dogecoin (DOGE) is creating a very strong setup that might result in the second-largest price increase in history. On the monthly chart, Dogecoin has created a descending triangle, claims on-chain market expert @Ali_Charts. The expert noted that the leading meme currency increased by more than 23,200% the previous time a setup like this occurred.
The descending triangle on the monthly chart setting is quite uncommon, and the pattern portends an impending upswing in all markets. Ali said he would be looking for a monthly closing over $0.08 to validate the bullish indication.
As of this writing, Dogecoin is trading at $0.07131, a decrease of 0.38% over the last 24 hours. On a weekly basis, the meme currency is shown incredible endurance, which has allowed it to record a gain of just 0.69%. Despite being a mid-cap cryptocurrency, Dogecoin is now experiencing extreme volatility, which may help the price rise should Ali’s confirmation be noted.
When opposed to newcomers, notably PEPE currency (PEPE), Dogecoin has had comparatively muted growth in the meme currency market. However, it continues to be the genuine joy of investors who desire a balance of stability and volatility.
Subtle Dogecoin advantage
Regardless of how improbable they may seem, there are actions that may be taken in the ecosystem of digital currencies. Although it may seem unlikely, given the numerous benefits of cryptocurrencies, it is not impossible that Dogecoin may have a reprinting rise of up to 20,000%.
Dogecoin has the appropriate fundamentals to support the technical signs that a significant price run is about to occur, riding on its history as the first and most popular meme currency, its connection to Twitter, and Elon Musk’s interest in it.
