Dogecoin (CRYPTO: DOGE) was trading lower on Monday morning following an overnight spike that propelled it beyond $0.23.

What Happened: The world’s largest meme coin by market capitalization experienced a volatile day of trading, with volumes more than doubling to $2.84 billion in the last 24 hours.

DOGE broke past $0.23 twice on Sunday but was met with heavy resistance each time, leading to a U-turn. From its intraday high, the cryptocurrency has now pulled back by 8.7%, and over the last 24 hours, it is down more than 3%.

DOGE followed in Bitcoin’s (CRYPTO: BTC) footsteps, which rallied sharply Sunday night to tap $107,000, a level last seen nearly four months ago.

Cryptocurrency trader and analyst ''Chandler'' predicted that DOGE will “absolutely explode” when BTC hits a new high and manages to sustain it above $110,000.

It’s heating up major league. Expect massive move in lower timeframes when this breakout.

BTC new ATH = Doge Explode

BTC hold $110k = Doge Explode

It’s the time to prepare for the FINAL leg of bull market. 😈🔥 pic.twitter.com/81t77pR68Z

— (@chandler_btc) August 20, 2023

According to Coinglass, nearly 80% of derivatives traders on Binance who had active positions in DOGE were leveraged long, suggesting a positive outlook for the memecoin.

The Bull Bear Power indicator, which assesses the strength of buyers and sellers, displayed a “Buy” signal for DOGE, as indicated by TradingView. However, the Momentum indicator, which measures the short-term price relative to the long-term price, signaled “Sell.”

Price Action: At the time of writing, DOGE was trading at $0.2164, showing a decline of 3.31% over the past 24 hours, according to Benzinga Pro. For the year to date, the coin has experienced a decrease of 31%.

See More: Top 5 Cryptocurrency Price Predictions Today, August 21