As a seasoned crypto investor with over a decade of experience in this rollercoaster ride, I find myself intrigued by the meteoric rise of Dogecoin lately. After witnessing multiple market cycles and learning countless lessons from each one, I can’t help but feel a sense of deja vu when it comes to DOGE.
Since November 4th, Dogecoin has delivered a remarkable surge in value. In fact, within the last ten days, Dogecoin’s value has skyrocketed by an astonishing 170%. So far, there hasn’t been any significant drop to speak of. Reaching its highest point since May 2021 at $0.4385 on Tuesday, the price of Dogecoin (DOGE) was hovering around $0.40 when this article was written.
Buy Dogecoin Now Or Wait?
crypto expert Kevin (@Kev_Capital_TA), known for his detailed Dogecoin price analysis that garnered attention on X (previously Twitter), has shared a sequence of insights to help investors decide if it’s wiser to buy Dogecoin at present or hold off until a possible market adjustment might occur.
Kevin announced that he’s been cashing out some of his Dogecoin earnings because of the recent price increases, saying, “I sold an extra 3% of my Dogecoin stash at $0.39. This brings the total to 8% of my entire Dogecoin stock I’ve sold so far. I still hold onto 92% of my Dogecoin.
He detailed a strategic method for cashing out profits as the price increases, setting particular milestones in his sights. “My next intended profit zone is the previous record highs, followed by $1 if we reach that point. My aim is to sell 25% of my total holdings when we hit $1, then we’ll continue and adapt as needed.
Despite the current upward trend, Kevin predicts a forthcoming market adjustment that might have a substantial effect on Dogecoin. He stated, “The adjustment that’s bound to happen will sweep away a lot of inexperienced investors; it’s going to be quite a spectacle.” He noticed that many alternative cryptocurrencies have already experienced corrections, some even by 20-25%, but Dogecoin has been the exception. “In essence, all other altcoins are experiencing the correction I predicted, except for Dogecoin,” he pointed out.
Kevin’s focus revolves around a crucial technical marker, the Relative Strength Index (RSI), that gauges the rate and direction of price fluctuations. An elevated RSI signals overbought conditions, hinting at a possible price shift. He added, “I am still monitoring Dogecoin for a more significant decline.” “Given past trends and the current technicals, it continues to suggest a correction to temper indicators before they can rise further.
He pointed out that Dogecoin’s daily RSI has reached alarming levels. “Daily RSI just tapped 94 again and the 0.786 FIB [Fibonacci retracement level]. I think this is the likely scenario in the short term,” Kevin explained. “That RSI needs to cool off badly.”
Kevin anticipates a temporary drop in the price of Dogecoin, followed by an upward trend surpassing previous highs. In his words, “I believe Dogecoin will dip down to around $0.26-$0.28 and then rally again to exceed its past records.
While acknowledging that a surge in Bitcoin’s price could temporarily boost Dogecoin, he remains 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,” Kevin asserted.
Kevin remains optimistic about Dogecoin’s future, even considering short-term uncertainties. He emphasized that the Relative Strength Index (RSI) for Dogecoin monthly is at 74, which is typical of full bull market conditions. In past DOGE bull markets, the Monthly RSI has peaked anywhere from 88 to 98. This suggests there’s still a lot of room for growth in the long term.
He also cautioned against unrealistic price predictions propagated by 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 warned. “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.”
At press time, DOGE traded at $0.40.
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2024-11-14 17:11