A leading cryptocurrency analyst noted on Sunday a significant uptick in the odds of Dogecoin (CRYPTO: DOGE) delivering a 30% breakout move.

Will DOGE Finally See A Sharp Move?

Ali Martinez took to X, highlighting a descending triangle formation on Dogecoin's 4-hour chart. 

“As Dogecoin moves closer to the apex of this triangle, the chances of a 30% move increase substantially,” Martinez added. They didn’t explicitly indicate the swing’s direction—upward or downward.

Assuming a 30% rally, DOGE would reach $0.11, revisiting early February levels.

This wasn’t Martinez’s first hint at such a scenario. They have consistently leaned on this analysis to back a sharp move for DOGE.

How’s The Derivatives Sentiment?

Dogecoin has moved sideways this month, pressured by geopolitical jitters impacting the broader cryptocurrency market.

Open interest in DOGE futures rose 1.61% over the last 24 hours, according to Coinglass. Typically, increased open interest with sideways spot action points to consolidation before a volatile swing.

Whale derivatives traders continued to be bullish, while sentiment among the retail crowd flipped to “Neutral.”

Should You Buy Or Sell?

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 "Buy" 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 $0.09097, down 0.21% in the last 24 hours, according to data from Benzinga Pro.

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