Dogecoin Rallies 21% In 1 Month: What Is Going On?

Dogecoin(CRYPTO: DOGE) is flashing bullish technical signals as rising derivatives activity and improving ETF flows add momentum to analysts’ calls for further upside.

Is DOGE Heading To $0.12?

Dogecoin is attracting renewed trader attention after analysts highlighted bullish setups across multiple timeframes.

Javon Marks said, Friday, that DOGE has returned with “major strength,” pointing to its macro structure and formation of higher lows.

He says the meme coin could be preparing for a major recovery and continuation move, with his longer-term setup targeting a more than 555% rally above the $0.60 area.

On the other hand, crypto chart analyst Ali Martinez sees a more immediate breakout opportunity.

He said that DOGE appears to have confirmed a breakout from a bullish flag on lower timeframes, with the pattern projecting a move toward $0.12.

The setup also aligns with several bullish signals developing on higher timeframes, Martinez added.

Onchain Data Flash Mixed Signals

Derivatives traders are increasing their exposure alongside the bullish technical setup.

CoinGlass data shows Dogecoin open interest climbed to $1.35 billion on Sept. 4, up from $1.26 billion a day earlier.

However, rising liquidations highlight continued volatility.

DOGE long liquidations increased to $3.44 million over the past 24 hours, compared with $1.53 million previously.

The combination of rising open interest and higher long liquidations suggests traders are adding leveraged positions even as price swings continue to punish bullish bets.

SoSoValue data shows spot Dogecoin ETFs recorded $318,240 in net inflows during the month, reversing $525,980 in net outflows in July.

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