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Market snapshot: DOGE gains traction after August close
Dogecoin (DOGE) regained momentum Monday as spot and derivatives markets showed renewed activity following a 10% monthly gain in August that contrasted with Bitcoin’s decline. Trading volumes spiked roughly 150% as DOGE ended August at $0.21, drawing fresh attention from traders and on-chain analysts.
Derivatives flow and leverage concentration
Futures volumes and open interest
Coinglass data highlights a surge in DOGE futures turnover—volumes climbed about 119% to $5.36 billion while open interest eased by 4.7% to $3.24 billion. That mismatch points to position rotation rather than wholesale capitulation, with notable long liquidations totaling roughly $7.61 million versus $2.41 million in short liquidations.
Leverage clusters around $0.21
Liquidation heatmaps show short positions still dominate overall leverage, but the concentration of long exposure is striking: traders deployed about $42 million in long contracts around the $0.21 level over the past week. This cluster has become an important support zone as BTC-led market corrections tested broader crypto sentiment.
Analyst outlook: breakout scenario and targets
Prominent analyst DogeLord shared a bullish chart projection with his community of about 12,500 followers, suggesting a "propulsion candle" could kick off a significant breakout in September. If DOGE holds above the $0.21 base, the path of resistance lies near $0.34 and then toward previous global peaks around $0.75. Longer-term scenarios in the analyst’s roadmap even point to a potential retest of prior all-time highs above $2—implying an upside in the ballpark of ~850% from current levels.
Risks and key support levels
Failure to sustain $0.21 would expose Dogecoin to downside risk, with immediate support at $0.17 and stronger support near $0.13. A breach below those zones would likely stall any breakout thesis until broader market conditions improve or a new bull cycle begins.
Traders diversify: Best Wallet presale attracts attention
Rising DOGE activity has coincided with growing interest in multi-chain utility projects like Best Wallet (BEST). The presale has raised over $15 million so far, touting low fees, staking rewards, and compatibility with Dogecoin, Bitcoin and other major tokens—features appealing to traders seeking diversified crypto exposure.
Source: finance.yahoo
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