A leading cryptocurrency analyst’s forecast of imminent Dogecoin (CRYPTO: DOGE) volatility has yet to materialize, as the memecoin continued to move sideways as of Sunday.
DOGE Yet To Breakout
Ali Martinez took to X, highlighting a descending triangle formation on Dogecoin’s 4-hour chart. Earlier this week, they projected it could spark a 29% move in the memecoin’s price.
However, as things stand, Dogecoin remains “stuck” in the triangle.
Note that Martinez didn’t explicitly state the direction of the swing, whether upward or downward.
Is There Still Hope?
Dogecoin retraced to $0.088 in the evening, only to rebound to $0.092 overnight. Meanwhile, open interest in DOGE futures spiked 3.21% over the last 24 hours, according to Coinglass.
When open interest increases while the spot price moves sideways, it typically indicates a consolidation phase before a high-volatility move.
Moreover, bullish bets on memecoins increased on Binance’s derivatives market over the last 24 hours, pointing to expectations of a price increase.
Here’s What Technicals Say
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, typically the 12-period and the 26-period, flashed a “Sell” signal for DOGE, according to TradingView.
The Bull Bear Power indicator, meanwhile, which measures the strength of buyers and sellers, remained “Neutral” and so did the Relative Strength Index.
Price Action: At the time of writing, DOGE was exchanging hands at $0.09230, up 0.80% in the last 24 hours, according to data from Benzinga Pro. Over the week, the memecoin has gained 1.50%
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