Crypto analyst Raul Paul predicts an XRP-like rally for Dogecoin (DOGE), the largest memecoin by market cap.
It has been claimed that the DOGE, which has enjoyed a staggering increase since November, will continue to rise. Raul Paul, who is admired in the global crypto community, drew a parallel between the DOGE chart and the XRP chart. DOGE is poised for an uptrend like XRP, the analyst said.
Similarities Between Dogecoin (DOGE) and XRP
Unable to make a decisive move since November 12, DOGE stabilized between $0.48 and $0.34 for several weeks. Despite DOGE’s lingering uncertainty, analysts’ bullish expectations remain.
Analyst Raul Paul shared a chart analysis showing a three-collapsing wedge formation. According to the analysis, the first wedge occurred between 2014 and 2017 and resulted in a major rally. The second wedge, which occurred between 2018 and 2021, opened the door to a major bull run. With the breakout of the second wedge point, DOGE reached an all-time high of $0.74.

The third and current wedge formation spanned from mid-2021 to 2024, the analysis said. Paul predicted that DOGE would break out of the third wedge and break new records. According to Paul’s analysis, the price of DOGE could rise above $1 by the end of the third wedge.
Another crypto analyst, Trader Tardigrade, also said he expects DOGE to rise. Tardigrade said that a bullish pennant has formed and if the pennant is broken, the $1.35 level could be seen.
Market analyst CW spotted an AB=CD harmonic formation on DOGE’s 4-hour chart. The formation in question points to $0.69 if the resistance zone between $0.4 and $0.5 is breached.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.