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Dogecoin (CRYPTO: DOGE) extended its gains on Wednesday amid a broader rally in the cryptocurrency market driven by positive macroeconomic factors.
The dog-themed memecoin rose over 2% in the last 24 hours, bringing its total gains this week to 10%.
In the process, it outperformed coins with larger market capitalizations such as Bitcoin (CRYPTO: BTC) and XRP (CRYPTO: XRP).
The rebound ignited speculative buying, with open interest in DOGE futures rising 1.91% in the last 24 hours, according to Coinglass. The Long/Short ratio for the memecoin on Binance rose from 2.13 to 2.56, signaling bullish interest.
See Also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030
Ali Martinez, a widely followed cryptocurrency analyst and trader, spotted a “Buy” signal on DOGE’s weekly chart, attributing it to the TD Sequential indicator.
The TD Sequential indicator is a technical analysis tool that helps traders identify potential price reversals and exhaustion patterns.
Meanwhile, the Bull Bear Power indicator, which measures the strength of buyers and sellers, flashed a "Sell" signal for DOGE, according to TradingView. In contrast, the Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset's price, gave a bullish reading.
Notably, the two new Dogecoin spot exchange-traded funds, Grayscale Dogecoin Trust ETF (NYSE:GDOG) and Bitwise Dogecoin ETF (NYSE:BWOW), attracted $177,250 in net inflows as of Dec. 3, bringing their total inflows since launch to $2.85 million, according to SoSo Value.
Price Action: At the time of writing, DOGE was exchanging hands at $0.1510, up 2.37% in the last 24 hours, according to data from Benzinga Pro.
Grayscale ETF closed 3.89% higher at $17.73 during Wednesday’s regular trading session. Bitwise DOGE ETF closed at $24.76.51, up 3.84%.
According to Benzinga’s Edge Stock Rankings, the Grayscale ETF’s price movement has been weaker in the short, medium, and long run. Find out how it compares to the Bitwise ETF.
Photo Courtesy:ihrinmoisuc on Shutterstock.com
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