World Macro CEO Raoul Pal has opined that meme cryptocurrency Dogecoin (DOGE) may doubtlessly attain a brand new excessive in opposition to Bitcoin (BTC).
The chart shared by Pal reveals a long-term falling wedge, which is a widely known bullish reversal sample.
Following years of fairly uneventful value motion through the 2014-2021 interval, Dogecoin (DOGE) skilled an unlimited rally in 2021.
Pal seems to recommend {that a} comparable situation may play out this time round.
One other long-term descending channel has now shaped, that means that Dogecoin is perhaps making ready for an additional large breakout following years of value consolidation.
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The chart shared by Pal reveals a bull fag the place the large 2021 rally doubtlessly acts as a flagpole.
Breaking above the higher boundary of the present descending channel may doubtlessly set the stage for the creation of a brand new bull flag. In such a case, the main meme cryptocurrency may doubtlessly surge to the earlier excessive (roughly 0.000017 BTC) and doubtlessly document further good points.
Pal has joked that Dogecoin (DOGE) changing into “the toughest forex on earth” can be essentially the most amusing consequence contemplating its facetious nature.