Dogecoin Price Prediction: As Former Goldman Sachs Exec Says DOGE May Repeat Explosive XRP Pump, This New ICO Goes Parabolic

The Dogecoin price edged down 0.5% in the last 24 hours to trade at $0.4159 as of 7:15 a.m. EST on a 6% jump in trading volume to $10.5 billion.

The DOGE meme coin may have better times ahead as Raoul Pal, the former Goldman Sachs executive, turns bullish on the largest meme coin by market cap.

Pal pointed out a wedge pattern on the monthly chart, suggesting that DOGE could experience gains similar in magnitude to the recent 377% surge in a month by XRP.

He shared this analysis with his 1.1 million followers on X, noting that a wedge pattern, characterized by converging trend lines, typically signals a bullish breakout if the price rises above the upper trendline.

Dogecoin Price Gears For A Breakout Above The Symmetrical Triangle

The DOGE/USD 4-hour price action shows a symmetrical triangle pattern, signaling a period of consolidation with tightening price action. Currently trading at $0.4159, the price is nearing the apex of the triangle, indicating that a breakout is imminent. Symmetrical triangles normally resolve in the direction of the prevailing trend, and given the prior uptrend, a bullish breakout is likely.

If this occurs, the price could target $0.45, representing a potential 7-8% increase. However, a breakdown below the lower trendline could push the price toward $0.33.

DOGEUSD Analysis Source: Tradingview

The Relative Strength Index (RSI) is at 48.28, hovering near the neutral zone, which suggests the market is neither overbought nor oversold. If a breakout occurs, this indicates the potential for further upward movement.

Additionally, the price remains above the 50-period moving average (green line) and the 200-period moving average (blue line), reinforcing a longer-term bullish trend for the Dogecoin price. The 50-period moving average has provided consistent support, bolstering the likelihood of upward momentum.

While the chart doesn’t explicitly show volume, a breakout is expected to be accompanied by increased trading activity. A spike in volume would confirm the breakout’s direction. Traders should watch for a move above the triangle’s upper trendline for confirmation of bullish momentum, with a target of $0.45.

Conversely, a break below the lower trendline would invalidate the bullish outlook and signal a potential downside toward $0.33. The overall setup suggests that Dogecoin is primed for significant movement, with the broader crypto market’s bullish sentiment acting as a catalyst.

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