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 XRPRaoul 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 PalThe 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 DogecoinOther 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. https://twitter.com/TATrader_Alan/status/1864935061415694740According 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 Pals prediction of substantial upward potential.CW, another prominent market analyst, identified an AB=CD harmonic pattern on Dogecoins 4-hour chart. This pattern, which started during the early November rally following Donald Trumps election victory, further supports the bullish case. https://twitter.com/CW8900/status/1864901566639280480The market analyst highlights $0.69 as a major target price, contingent on DOGE breaking through a major resistance line in the $0.40-$0.50 range. Dogecoins Current Position Meanwhile, the daily chart shows Dogecoins consolidation phase. DOGE now trades for $0.4289, reflecting a period of relative calm after its recent rally. The Bollinger Bands show DOGE consolidating near the upper band at $0.4519, a level that could lead to further uptrend if the asset breaches it.Dogecoin 1D ChartDogecoin 1D ChartHowever, failure to maintain support at the midline ($0.4076), aligned with the 20-day moving average (MA), could lead to a retracement, threatening the short-term bullish outlook. The RSI, currently at 63.37, indicates that DOGE has room to grow before reaching overbought territory.
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