The Dogecoin price has put in a sensational performance since November 4th. In the past 10 days, Dogecoin has risen by an incredible 170%, with no major correction to date. After reaching its highest level since May 2021 at $0.4385 on Tuesday, the DOGE price was trading at just under $0.40 at the time of writing.<\/p>\n
Crypto analyst Kevin (@Kev_Capital_TA), who recently gained significant attention on X (formerly Twitter) for his Dogecoin price analysis, has posted a series<\/a> of updates addressing the question on whether investors should buy Dogecoin now or wait for a potential market correction.<\/p>\n Kevin revealed that he has started taking profits from his Dogecoin holdings due to recent price appreciations. \u201cI sold an additional 3% of my Dogecoin bag at $0.39,\u201d he stated. \u201cThat makes for a total of 8% of my entire DOGE bag sold. I have 92% of my bag remaining.\u201d<\/p>\n He outlined a systematic approach to profit-taking as the price climbs, with specific targets in mind. \u201cMy next planned take profit area will be previous all-time highs, then $1 if we get there. My goal is to have 25% of entire bag sold by the time we get to $1, then we ride from there and play it as it goes.\u201d<\/p>\n Despite the bullish momentum<\/a>, Kevin warns of an impending market correction that could impact Dogecoin significantly. \u201cThe correction that is inevitably coming is going to melt so many weak hands away; it\u2019s gonna be wild to see,\u201d he cautioned. He observed that while many altcoins have already undergone corrections\u2014some by as much as 20-25%\u2014Dogecoin has been an exception. \u201cBasically all altcoins are getting the correction I called for besides Dogecoin,\u201d he noted.<\/p>\n Kevin\u2019s analysis centers on a key technical indicator, the Relative Strength Index (RSI), which measures the speed and change of price movements. A high RSI indicates overbought conditions, suggesting a potential price reversal. \u201cStill keeping a close eye on Dogecoin for a sharper drop,\u201d he commented. \u201cBased off history and the current technicals, it still heavily supports a correction to cool off indicators before heading higher.\u201d<\/p>\n He pointed out that Dogecoin\u2019s daily RSI has reached alarming levels. \u201cDaily RSI just tapped 94 again and the 0.786 FIB [Fibonacci retracement level]. I think this is the likely scenario in the short term,\u201d Kevin explained. \u201cThat RSI needs to cool off badly.\u201d<\/p>\n Kevin predicts a short-term price decline for Dogecoin before a resurgence. \u201cI think Dogecoin will go back to $0.26\u2013$0.28 and then reload to come back up and break ATHs [all-time highs],\u201d he stated.<\/p>\n While acknowledging that a surge in Bitcoin\u2019s price could temporarily boost Dogecoin, he remains cautious. \u201cIf BTC taps $94K\u2013$95K in the short term, it will drag DOGE higher, but I still think we get a bigger correction before heading higher,\u201d Kevin asserted.<\/p>\n Despite short-term concerns, Kevin maintains a positive long-term outlook for Dogecoin. \u201cThe Dogecoin monthly RSI is currently at 74, which is full bull market territory,\u201d he highlighted. \u201cThe Monthly RSI tops out in DOGE bull markets<\/a> anywhere from 88\u201398. We got a long way to go, folks.\u201d<\/p>\n