Is it time to buy DOGE?

Dogecoin (DOGE) has hit a May 2021 high of nearly $0.44, but is currently trading below $0.40. At this point, analyst Kevin warned that a sharp correction could be in the offing, predicting that DOGE will fall to around $0.26–$0.28 before potentially recovering. DOGE’s relative strength index (RSI) has reached high levels, indicating overbought conditions, which could lead to a price correction.

Additionally, amid Bitcoin’s price recovery, DOGE is benefiting from widespread market interest in altcoins. However, some short-term predictions suggest that DOGE could fall by around 7% by the end of this month. However, in the long term, analysts remain optimistic about DOGE’s upside potential, especially if the momentum from Bitcoin continues.

Given this situation, investors may consider waiting for a correction before deciding to invest in DOGE to minimize short-term risks.