Dogecoin (CRYPTO: DOGE) retreated on Thursday, although a widely followed analyst highlighted a key technical indicator that might drive a 26% surge.
Dog Memecoin Gives Up Gains
The world’s largest memecoin by market capitalization slipped more than 2% over the last 24 hours, undoing some of its gains from the day before. Trading volume plunged 23%, signaling lower trader interest.
Speculative interest declined as the spot price dropped, leading to a 3.53% decrease in DOGE futures open interest over the past 24 hours, according to Coinglass.
The drop aligned with the broader market correction, with blue-chip coins like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) falling 1.37% and 1.16%, respectively, in the last 24 hours.
See Also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030
A 26% Upside Incoming?
Meanwhile, ChiefraT, a cryptocurrency trader with a sizable following on X, spotted an upside breakout from a falling wedge on Dogecoin’s daily chart.
“Watching for a potential retest in the 0.14500 area. If we see a positive reaction here, this could start a 26% move IMO,” the analyst said. If the prediction is correct, DOGE will be worth around $0.1857 from its current level.
Ali Martinez, another popular cryptocurrency analyst, spotted a sharp jump in DOGE’s daily active addresses on Dec. 3, the highest since September, indicating renewed network activity.
Top Derivative Traders Bullish On DOGE
Notably, over 75% of Binance’s whale traders, i.e, the top 20% users with the highest margin balance, were betting on a DOGE rally, according to Long/Short Ratio.
The Bull Bear Power indicator, which measures the strength of buyers and sellers, showed a “Neutral” reading for the memecoin, according to TradingView. The Moving Average Convergence Divergence indicator, on the other hand, flashed a “Buy.”
Price Action: At the time of writing, DOGE was exchanging hands at $0.1474, down 2.45% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Akif CUBUK on Shutterstock.com
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