Former Goldman Sachs executive Raoul Pal is expressing optimism about Dogecoin (DOGE) as the meme coin continues to see significant gains in the market. With XRP soaring by over 5x in the past month, Pal believes that DOGE could be gearing up for a similar bullish run.
Pal, who has a substantial following on social media, points to a wedge pattern on the monthly chart of Dogecoin as a potential indicator of future gains. A wedge pattern is typically seen as bullish when the price breaks out above the upper trendline, signaling a possible uptrend in the asset.
Describing the chart as an “insane banana chart,” Pal uses the metaphor to illustrate a period of rapid price increase in the shape of a banana or parabola. Dogecoin is currently trading at $0.404, reflecting a 172% increase over the past month.
Shifting his focus to XRP, Pal notes that the third-largest cryptocurrency has broken out of a wedge pattern on the monthly timeframe. In a tweet, he highlights the significant gains that XRP has seen in the past when breaking out of similar patterns, suggesting the potential for further upside in the asset.
XRP is currently trading at $2.57, up by approximately 424% in the last 30 days. Pal’s analysis of the cryptocurrency market also extends to Sui (SUI), where he identifies a bullish signal against Solana (SOL). SUI/SOL is showing an inverse head and shoulders pattern on the daily chart, which could indicate a bullish trend if the price breaks out to the upside.
Sui is trading at 0.0166 SOL ($3.67) at the time of writing, further showcasing the potential for gains in the cryptocurrency space. Pal’s insights and analysis of various crypto assets provide valuable information for investors looking to navigate the volatile market.
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Overall, Pal’s bullish outlook on Dogecoin, XRP, and Sui highlights the potential for significant gains in the crypto market, offering investors opportunities for profitable investments in the ever-evolving digital asset space.