Dogecoin Price Rises 170% But Analyst Warns of Market Correction
The Dogecoin price has increased by 170% since November 4th, reaching a peak of $0.4385 on Tuesday, with current trading just under $0.40.
Buy Dogecoin Now Or Wait?
Crypto analyst Kevin (@Kev_Capital_TA) has shared insights on whether investors should buy Dogecoin now or wait for a market correction. He reported taking profits from his holdings, selling 8% of his total DOGE at $0.39.
Kevin outlined a strategy for profit-taking, aiming to sell 25% of his holdings by the time DOGE reaches $1. He noted that many altcoins have already corrected by 20-25%, while Dogecoin has not.
His analysis relies on the Relative Strength Index (RSI), which indicates overbought conditions. Kevin observed that Dogecoin's daily RSI reached 94, suggesting a potential price reversal. He predicts a short-term decline to $0.26–$0.28 before a resurgence.
While a potential Bitcoin price increase could elevate Dogecoin temporarily, Kevin expects a larger correction beforehand. He holds a positive long-term outlook, noting that the monthly RSI is at 74, indicating a bull market. However, he cautions against unrealistic price predictions from influencers.
At press time, DOGE traded at $0.40.
