Dogecoin (CRYPTO: DOGE) was trading lower on Wednesday, but a rebound could be in the works as TD Sequential indicator spotted a 'buy' signal.

What Happened: The world’s most popular meme coin was down 2% over 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.

Further, the balance held by long-term holders decreased by 0.88%, signaling that they were actively selling.

After surging to $0.25 last week, DOGE pulled back and has been consolidating in a channel between $0.21 and $0.23.

However, 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. It's a widely recognized indicator used to identify overbought and oversold conditions, which in turn can hint at upcoming price trends.

In this case, the indicator spotted a green '9' candle, which signals a potential buy setup. A candle on the chart is a single candlestick that represents price action over a specific time period, such as a four-hour candle or a daily candle.

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 Price Action: Dogecoin was up 0.26% at $0.2245 at the time of writing, according to Benzinga Pro.

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