Dogecoin (CRYPTO: DOGE) is primed for a sharp move either to the upside or downside, a popular cryptocurrency analyst stated on Sunday.

North Or South?

Ali Martinez took to X, highlighting a descending triangle formation on Dogecoin’s 4-hour chart that could trigger a 37% price move for the memecoin.

The pattern consists of a downward-sloping trendline with lower highs, typically suggesting that sellers may be gaining control of the market.

However, Martinez didn’t explicitly state the direction of the swing, whether upward or downward. In fact, they objected to the bullish interpretation, adding that they never said the move would be toward the upside.

What Do Technicals Suggest?

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, which measures the strength of buyers and sellers, remained “Neutral.”

Conversely, the Awesome Oscillator, which compares recent market movements to historic market movements, flashed a “Sell” signal.

Meanwhile, the odds on Polymarket that Dogecoin will end March over $0.15 tumbled from 47% at the start of the month to only 4% as of this writing.

Price Action: At the time of writing, DOGE was exchanging hands at $0.09058, up 1.31% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the memecoin has tumbled nearly 30%.

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