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With market uncertainty, is Dogecoin ready for the next big rally?
Dogecoin’s calm phase could prepare for a breakout
Since November 12 Dogecoin is stuck in a tight range, trading between $0.34 and $0.48. There haven’t been any strong moves, but that could be a good sign.
Raoul Pal believes the coin is forming a similar pattern to XRP’s previous chart. Similar patterns have led to huge surges in the past.
Pal lists three main “falling wedge” patterns on the Dogecoin chart. The first wedge formed from 2014 to 2017, leading to a large rally. The second spanned from 2018 to 2021, pushing DOGE to its all-time high of $0.74.
& nbspToday, the third wedge triggers between mid-2021 and 2024. In Pal’s words, this could be the start of a new breakout.
Pal believes that DOGE is ready for a major move again and that the technicals mirror what happened with XRP last year. If Dogecoin crosses this gap, Pal expects it to see a significant increase, similar to that of XRP.
Pal is not the only one one who has a positive attitude towards 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 set a possible target price of $1.35 for DOGE in case of a breakthrough NOW.
The DOGE daily chart shows a lot of positivity trading in the right range, just below the upper Bollinger band at $0.4519, which is a common precedent for a breakout.
Still, if DOGE cannot hold the midline (currently at $0.4076), it might be okay. The relative strength index (RSI) is at 63.37, so the token could rise further.
Another analyst, CW, is also optimistic. It highlights an AB=CD harmonic pattern on Dogecoin’s 4-hour chart. This trend suggests that DOGE could reach $0.69 if it breaks through the resistance levels between $0.40 and $0.50.
A favorable market for DOGE Rally
The market has been rather volatile lately, but instability could work in Dogecoin’s favor. Bitcoin recently experienced a flash crash, losing $10,000 in a matter of hours. But despite the drop, the price of Bitcoin quickly rebounded.
Pal’s predictions come as investors await the next big breakthrough in the crypto market. With some technical conditions and analysts backing this coin, many are waiting to see if it will be. imitate XRP.
Looking at Raoul Pal’s current price prediction for Dogecoin, we have a bright outlook. He expects it to appear soon, just like XRP.
Given its positive macroeconomic situation and excellent technical position, DOGE is poised to rise, as other analysts predict. Of course, the cryptocurrency market can still be volatile. However, if all of Pal’s assumptions are correct, Dogecoin might be the best thing to watch.