Dogecoin has been on an impressive run since November 4, with its price skyrocketing by an astonishing 170% in just ten days, without any major corrections. Having reached its highest level since May 2021 at $0.4385 on Tuesday, Dogecoin was trading just below $0.40 at the time of writing.
Crypto analyst Kevin, known on X (formerly Twitter) as @Kev_Capital_TA, has recently garnered significant attention for his in-depth Dogecoin price analysis. In his latest series of updates, he addressed whether investors should buy Dogecoin now or wait for a potential market correction. Kevin disclosed that he has begun taking profits from his Dogecoin holdings due to the recent surge in price. “I sold an additional 3% of my Dogecoin bag at $0.39,” he confirmed, bringing his total Dogecoin sales to 8% of his entire holdings, with 92% still in his possession.
Kevin elaborated on his methodical approach to profit-taking as the price climbs, detailing specific targets. “My next planned take profit area will be previous all-time highs, then $1 if we get there. My goal is to have 25% of my entire bag sold by the time we reach $1, then we ride from there and play it as it goes,” he explained.
Despite the bullish momentum, Kevin warned of a looming market correction that could greatly impact Dogecoin. He noted that while many altcoins have already experienced corrections of up to 20-25%, Dogecoin has been an outlier. “The correction that is inevitably coming is going to melt so many weak hands away; it’s gonna be wild to see,” he predicted, adding that Dogecoin, unlike other altcoins, has not yet seen the correction he anticipated.
Kevin’s analysis relies heavily on the Relative Strength Index (RSI), which gauges the speed and change of price movements. A high RSI suggests overbought conditions and a possible price reversal. “Still keeping a close eye on Dogecoin for a sharper drop,” he remarked. “Based on history and current technicals, it still heavily supports a correction to cool off indicators before heading higher.”
He highlighted that Dogecoin’s daily RSI has reached concerning levels. “Daily RSI just tapped 94 again and the 0.786 Fibonacci retracement level. I think this is the likely scenario in the short term,” Kevin said, noting the urgent need for the RSI to cool down.
Kevin anticipates a short-term decline in Dogecoin’s price before a resurgence. “I think Dogecoin will go back to $0.26–$0.28 and then reload to come back up and break all-time highs,” he forecasted. While he recognized that a rise in Bitcoin’s price could momentarily lift Dogecoin, he remained cautious. “If BTC taps $94K–$95K in the short term, it will drag DOGE higher, but I still think we get a bigger correction before heading higher,” he argued.
Despite his short-term concerns, Kevin holds a positive long-term outlook for Dogecoin. “The Dogecoin monthly RSI is currently at 74, which is full bull market territory,” he noted. “The Monthly RSI tops out in DOGE bull markets anywhere from 88–98. We got a long way to go, folks.”
He also warned against unrealistic price predictions from some influencers. “If your Twitter #Crypto Guru is telling you #Dogecoin is going to $28, I urge you to unfollow them. It’s pure clickbait and is literally close to impossible,” Kevin cautioned. “Ask them what the market cap would be at that price level and see how they react. They don’t care about you; they want you as exit liquidity.”
