Will Dogecoin explode soon? Raoul Pal predicts a big price move similar to Ripple's XRP

Raoul Pal believes Dogecoin may be ready for a big move. He sees a similarity between its chart and XRP, a currency that has seen significant growth recently. Pal's prediction has attracted the attention of many investors, who are wondering whether DOGE is about to take off or not. With the uncertain market situation, is Dogecoin ready for the next big price increase? The quiet period of Dogecoin may be preparing for a breakthrough. Since November 12, Dogecoin has been stuck in a narrow range, trading between $0.34 and $0.48. It hasn't made any significant moves, but that could be a good sign. Raoul Pal believes that this currency is forming a pattern similar to the previous chart of XRP. Similar patterns have led to major breakthroughs in the past.

Pal lists three 'falling wedge' patterns on the Dogecoin chart. The first wedge pattern formed from 2014 to 2017, leading to a significant price increase. The second wedge pattern extended from 2018 to 2021, pushing DOGE to its all-time high of $0.74. Currently, the third threshold is being activated from mid-2021 to 2024. According to Pal, this could be the beginning of another breakthrough. Pal believes that DOGE is preparing for a big move, and the technical factors reflect what happened to XRP last year. If Dogecoin surpasses this threshold, Pal expects it to increase significantly, similar to XRP. Pal is not the only one with positive prospects for Dogecoin. Trader Tardigrade is another analyst who identifies a bullish signal. This is a technical pattern often followed by a strong price increase. Tardigrade has set a price target of $1.35 for DOGE if it breaks out now. The daily chart of DOGE shows many positive trading signals within a suitable range, just below the upper Bollinger Band at $0.4519, which is a popular currency for breakout. However, if DOGE cannot maintain the midpoint (currently $0.4076), this may be true. The relative strength index (RSI) is 63.37, so this currency can still rise.

Another analyst, CW, is also optimistic. He pointed out the harmonic pattern AB=CD on the 4-hour chart of Dogecoin. This pattern indicates that DOGE could reach $0.69 if it surpasses the resistance level within the range of $0.40-$0.50. Favorable market for DOGE price increase The market has been quite volatile recently, but the volatility may be beneficial for Dogecoin. Bitcoin recently experienced a sudden crash, dropping $10,000 in a few hours. However, despite the decline, the price of Bitcoin quickly recovered. Pal's prediction is made as investors await the next big breakthrough in the cryptocurrency market. With some technical conditions and analysts supporting this currency, many are waiting to see if it will mimic XRP or not. Looking at Raoul Pal's current price prediction for Dogecoin, we have a fairly good prospect. He hopes it will increase in value soon, similar to XRP. With a positive macro picture and excellent technical position, DOGE is poised to rise higher, as other analysts predict. Of course, the cryptocurrency market is always subject to volatility. However, if all of Pal's assumptions are correct, Dogecoin could be the next best thing to watch out for.