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Former Goldman Sachs executive Raoul Pal is leaning bullish on the flagship memecoin amid the rise of XRP by more than 5x over the past 30 days.
Pal tells his 1.1 million followers on the social media platform X Dogecoin (DOGE) is sporting a wedge pattern on the monthly chart and could be headed for gains that “look similar in potential magnitude” to those of XRP.
A wedge pattern is characterized by converging trend lines and is considered bullish if price breaks out from above the upper trendline.
“Insane banana chart.”
A “Banana” chart or zone is a metaphor Pal uses to describe a bullish period for crypto assets where a rapid increase in prices occurs in the shape of the yellow fruit or a parabola.
Dogecoin is trading at $0.404 at time of writing, up by around 172% over the past 30 days.
Turning to XRP, Pal says that the third-largest crypto asset by market cap has broken out of the wedge pattern on the monthly time frame.
“Last time, it [XRP] broke a long wedge pattern it rose another 5,600%! (obviously won’t repeat but you get the point – it can go up a lot.)”
XRP is trading at $2.57 at time of writing, up by around 424% over the past 30 days.
Turning to Sui (SUI), the former Goldman Sachs executive says that the 21st-largest crypto asset by market cap is flashing a bullish signal against Solana (SOL).
Pal says that SUI/SOL is sporting an inverse head and shoulders pattern on the daily time frame and he is watching the chart “like a hawk.” An inverse head and shoulders pattern is typically a bullish signal if price breaks out to the upside.
Sui is trading at 0.0166 SOL ($3.67) at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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