Dogecoin Slips Over 2% On Wednesday Morning, But Analyst Says Memecoin Preparing For Rebound

Dogecoin (CRYPTO: DOGE) was trading lower early on Wednesday, but a rebound could be in the works. 

What happened: The world's most popular meme coin fell over 2% in the last 24 hours, while its trading volume rose 11.45% to $1.3 billion.

Whale activity surged, evidenced by a 41% increase in transactions valued at over $100,000, according to IntoTheBlock. Moreover, the balance held by long-term holders declined 0.88%, signaling that they were actively selling.

After rising to $0.25 last week, the dog-themed meme coin pulled back and has been consolidating in a channel between $0.21 and $0.23.

See Also: From Warren Buffett’s Berkshire Hathaway To Jeff Bezos’ Amazon — Bitcoin Is Now Outshining These Wall Street Titans

However, widely followed cryptocurrency analyst and trader Ali Martinez spotted a "buy" signal from the TD Sequential indicator, setting the stage for a potential Doge rebound.

For the curious, the TD Sequential indicator is a technical analysis tool that helps traders identify potential price reversals and exhaustion patterns.

Additionally, the Bull Bear Power indicator, which measures the strength of buyers and sellers, flashed a “Buy” signal as of this writing, according to TradingView.

DOGE rose a little in response to the news of the beta rollout announcement of X Money, the long-awaited payments service of Elon Musk-owned social media giant X, on Tuesday. However, it gave up gains as the day progressed.

Price Action:  At the time of writing, DOGE was exchanging hands at $0.2230, down 2,43% in the last 24 hours, according to data from Benzinga Pro. 

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Photo Courtesy: Piotr Gortat On Shutterstock