Dogecoin (DOGE), the largest meme coin in the world, has gained a lot of attention from cryptocurrency enthusiasts recently. A well-known crypto expert posted on X (formerly Twitter) that crypto whales have bought a significant amount of 250 million DOGE in the past few days.
However, this significant accumulation happened during a market dip that followed Jerome Powell’s anti-crypto stance. Despite this, the impact of the accumulation can be seen in the price of DOGE. According to CoinMarketCap, the meme coin has surged over 25% in the past 48 hours and is currently trading near $0.32 with an 8% increase in the past 24 hours.
Long-term holders of DOGE are continuously accumulating the token. Data from DOGE’s spot inflow/outflow shows that exchanges have witnessed a significant outflow of $519.19 million worth of DOGE in the past 7 days. This indicates that assets are being withdrawn from exchanges to long-term holders’ wallets, which suggests an ideal buying opportunity.
In terms of technical analysis, DOGE is currently facing strong resistance near the $0.346 level. If it breaches this resistance and closes a daily candle above $0.36, there is a strong possibility that it could increase by 25% and reach the next resistance level at $0.44 in the near future. The Relative Strength Index (RSI) for DOGE is currently at 37.85, indicating the potential for upside momentum in the coming days.
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