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%.

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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.