Raoul Pal Says Dogecoin in a Similarly Bullish Position as XRP, Expects Uptrend After Wedge Breakout
The post Raoul Pal Says Dogecoin in a Similarly Bullish Position as XRP, Expects Uptrend After Wedge Breakout appeared on BitcoinEthereumNews.com.
Market veteran Raoul Pal has drawn parallels between the Dogecoin chart and that of XRP, suggesting that DOGE is poised for a similarly bullish trajectory. Pal presented his analysis amid the ongoing market uncertainty. Notably, DOGE has failed to make any decisive move since Nov. 12, consolidating between the $0.48 top and the $0.34 low over the past several weeks. DOGE Could Rally Like XRP Raoul Pal presented a 1-month chart, which shows three falling wedge formations. The first wedge occurred between 2014 and 2017, leading to a breakout that resulted in a major rally. This coincided with Dogecoin’s first major market cycle. Dogecoin Falling Wedges | Raoul Pal The second wedge, occurring between 2018 and 2021, also culminated in a dramatic breakout, propelling DOGE to its all-time high near $0.74 during the 2021 bull market. Meanwhile, the third and current wedge pattern extends from mid-2021 to 2024. Recently, DOGE has broken out of this wedge, suggesting a potential continuation of the historical uptrend. Pal suggests Dogecoin could experience a massive rally, with this view mirroring his previous bullish outlook on XRP, which also experienced impressive gains following its breakout from a similar structure. Analysts Bullish on Dogecoin Other market analysts are also bullish on DOGE. Market analyst Trader Tardigrade recently highlighted the formation of a bullish pennant, which represents a continuation pattern that usually precedes price surges. #Dogecoin Bullish Pennant stays there 🔥$Doge comes to the verge of the Pennant, looking to BREAKOUT soon.Target: $1.35 🚀 pic.twitter.com/8cckOegKBI — Trader Tardigrade (@TATrader_Alan) December 6, 2024 According to Tardigrade, Dogecoin is nearing the apex of this pennant, indicating an imminent breakout. He foresees a target price of $1.35. This level syncs with the scale of the projected rally, aligning with Pal’s prediction of substantial upward potential. CW, another prominent market analyst,…
Filed under: News - @ December 6, 2024 6:27 pm