Significant accumulation of Dogecoin (DOGE) has been observed in the cryptocurrency market, with crypto whales purchasing 250 million DOGE during a recent market dip. This surge in buying activity follows negative comments on cryptocurrencies made by Federal Reserve Chair Jerome Powell, which has influenced market dynamics.

As a result, the price of DOGE has risen over 25% in the last 48 hours and is currently trading near $0.32. Furthermore, long-term holders have been withdrawing their DOGE assets from exchanges, with a reported outflow of $519.19 million worth of DOGE in the past week. This suggests a potential buying opportunity and indicates bullish momentum.

Technical analysis shows that DOGE is facing strong resistance at the $0.346 level. If it breaks this level and closes above $0.36, experts predict a potential 25% increase, targeting the next resistance level at $0.44. The Relative Strength Index (RSI) for DOGE is currently at 37.85, suggesting possible upward movement in the near future.