Raoul Pal thinks Dogecoin could be ready for a big move. He sees similarities between its chart and XRP’s, which made huge gains recently. Pal’s prediction has caught the attention of many investors, who wonder if DOGE is about to take off.
With market uncertainty in the air, is Dogecoin primed for the next big rally?
Dogecoin’s Quiet Phase Could Be Setting Up for a Breakout
Since November 12, Dogecoin has been stuck in a narrow range, trading between $0.34 and $0.48. It hasn’t made any strong moves, but that could be a good sign.
Raoul Pal believes the coin is forming a pattern similar to XRP’s previous chart. Similar patterns have led to huge breakouts in the past.
$DOGE is another that looks similar in potential magnitude. Insane Banana’s chart.
Good luck all! May Lord Fishnu bless you all with Bananas.
pic.twitter.com/ciTzMz3bOC
— Raoul Pal (@RaoulGMI) December 2, 2024
Pal lists three major “falling wedge” patterns on Dogecoin’s chart. The first wedge formed from 2014 to 2017, leading to a big rally. The second one stretched from 2018 to 2021, pushing DOGE to its all-time high of $0.74.
Now, the third wedge is being triggered from mid-2021 to 2024. In Pal’s words, this could be the beginning of another breakout.
Pal believes that DOGE is primed again for a major move and that the technicals mirror what happened with XRP last year. If Dogecoin breaks through this wedge, Pal expects that it could experience a significant increase, similar to XRP.
Pal is not the only one who has a positive outlook for Dogecoin. Trader Tardigrade is the other analyst and identifies a bullish pennant. This is a technical pattern usually followed by a sharp increase in price. Tardigrade has set a possible target price of $1.35 for DOGE if it breaks through now.
The DOGE daily chart displays a lot of trading positivity in the right range, just below the upper Bollinger Band at $0.4519, which is a common precedent for a breakout.
Nevertheless, if DOGE cannot sustain the midline (currently at $0.4076), it may be correct. The Relative Strength Index (RSI) is at 63.37, so the coin could still increase.
Another analyst, CW, is also bullish. He points out an AB=CD harmonic pattern on Dogecoin’s 4-hour chart. This pattern suggests DOGE could hit $0.69 if it breaks through resistance levels in the $0.40–$0.50 range.
A Favorable Market for DOGE Rally
The market has been rather unstable in recent times, but instability might work in favour of Dogecoin. Bitcoin recently experienced a flash crash, dropping $10,000 in a few hours. But despite the dip, Bitcoin’s price bounced back quickly.
Pal’s predictions come as investors await the next big breakout in the crypto market. With some technical conditions and analysts supporting this coin, many are waiting to see whether it will imitate XRP.
Looking at Raoul Pal’s current price prediction for Dogecoin, We have quite an outlook. He expects it to pop soon, just like XRP.
Given its positive macro picture and excellent technical position, DOGE is ready to rise higher, as other analysts anticipate. Of course, the crypto market can always be volatile. However, if all Pal’s assumptions are correct, Dogecoin could be the next best thing to look out for.
