Dogecoin Set for Big Gains, Says Ex-Goldman Sachs Exec

Raoul Pal, a former Goldman Sachs executive, is growing optimistic about Dogecoin (DOGE) following the impressive performance of XRP, which has surged more than 5x in the past month.

Pal stated that Dogecoin is currently forming a wedge pattern on its monthly chart, suggesting it could see similar growth to XRP.

$DOGE is another that looks similar in potential magnitude. Insane Banana’s chart.

Good luck all! May Lord Fishnu bless you all with Bananas. 🍌🍌🍌 pic.twitter.com/ciTzMz3bOC

— Raoul Pal (@RaoulGMI) December 2, 2024

The wedge pattern, marked by two converging trendlines, typically signals a bullish breakout if the price rises above the upper trendline. Pal described the chart as “insane banana,” a term he uses to describe a phase where prices skyrocket in a parabolic, banana-shaped curve.

At the time of writing, Dogecoin is priced at $0.404, reflecting a 172% increase over the past 30 days. Pal also highlighted XRP’s recent performance, noting that it has broken out from its own wedge pattern, which historically led to massive gains.

He pointed out that the last time XRP experienced such a breakout, it soared by 5,600%, hinting at the potential for significant upward movement, though it may not reach that extreme again.