Dogecoin's DOGE/USD relatively flat performance over the past week has market commentators speculating about two important liquidation levels for the meme coin.

What Happened: Crypto trader Trader Tardigrade noted that Dogecoin's liquidation heatmap reveals two major liquidity targets above the current price.

These are likely areas market makers will aim for, suggesting upward price potential.

Dogecoin

As we get into the last 7 days of August, I'll be closely watching the chart for a new long opportunity.

The chart will be crucial to monitor over the next few days as it approaches a strong support zone, potentially setting up a new long opportunity. pic.twitter.com/2H90t89s7z

— Hardy (@__Hardy__) August 20, 2023

Trader Hardy observed Dogecoin has returned to a strong support zone, potentially setting up a new long opportunity. The chart will be closely monitored over the next few days for confirmation.

Also Read: Bitcoin, Ethereum, XRP, Dogecoin Start The Week Green Ahead Of US-China Trade Talks

Why It Matters: Pseudonymous developer PennybagsCX stated that Dogechain, launched in 2022, is quietly transforming Dogecoin from a meme-based currency into a full-fledged utility ecosystem.

"It's no secret that Dogecoin began as a playful meme coin, but what started as a joke has blossomed into something truly remarkable," the developer said.

As an EVM-compatible blockchain, Dogechain enables smart contracts and allows DOGE to be bridged and used for transactions across a growing suite of applications.

This includes gaming dApps, NFT marketplaces, and DeFi protocols like lending, borrowing, and yield farming, all powered by DOGE.

"By expanding Dogecoin's use cases beyond simple payments, Dogechain is unlocking new opportunities for holders and helping build a vibrant, utility-driven future for the Doge community," PennybagsCX added.

Dogecoin is currently trading at $0.63, with a 24-hour low of $0.62 and a 24-hour high of $0.64.

The meme coin's price has decreased by 0.5%.

On Monday morning, the cryptocurrency market showed signs of recovery as Bitcoin and major altcoins traded in the green.

The market capitalization of cryptocurrency is $1.07 trillion.