Dogecoin (DOGE) has been making headlines in the crypto world lately, especially after a prominent crypto expert revealed that whales have accumulated a significant 250 million DOGE during the recent market dip. This news comes amidst a period of volatility in the crypto market, following Jerome Powell’s anti-crypto stance.
The impact of this whale accumulation is evident in DOGE’s price momentum. In the past 48 hours, the meme coin has surged over 25%, currently trading near $0.32 with an 8% increase in the past 24 hours. Long-term holders have also been seen accumulating the token, with on-chain analytics firm CoinGlass reporting a significant outflow of $519.19 million worth of DOGE from exchanges to long-term holders’ wallets in the past 7 days. This outflow suggests potential upside momentum and presents a buying opportunity for investors.
Looking at the technical analysis, DOGE is currently facing strong resistance near the $0.346 level. If the meme coin manages to breach this resistance and close a daily candle above $0.36, experts predict a potential 25% surge to the next resistance level at $0.44 in the near future. The Relative Strength Index (RSI) for DOGE currently stands at 37.85, indicating a strong possibility of upward momentum in the coming days.
Overall, DOGE has been a hot topic in the crypto community, with whales accumulating large amounts of the meme coin and price surges reflecting this accumulation. As the market continues to fluctuate, investors are keeping a close eye on DOGE’s performance and potential for further growth.