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Former Goldman Sachs Executive's DOGE News: Will it Explode Like XRP? - Coin Bulletin
Raoul Pal, former executive of Goldman Sachs, suggests a similar rise possibility for Dogecoin (DOGE) after XRP has gained over 500% in recent times.
Pal thinks that Dogecoin has exhibited a wedge formation on the monthly chart and could generate significant gains if it breaks the upper trend line of this formation.
Pal indicates that the wedge formation in Dogecoin's monthly chart gives a strong bullish signal if the price experiences an upward breakout. Wedge formations are defined by converging trend lines and are generally considered as a precursor of a positive trend when the price breaks out upwards.
Pal, uses the term "banana chart" to describe these strong upward trends. This metaphor compares the rapid increase in cryptocurrency prices to the curve of a yellow banana or a parabolic movement.
Gave an example from XRP
Pal, who also mentions XRP, reminds that it broke out of the wedge formation on the monthly chart and triggered a 5,600% increase in XRP price in the past.
However, Pal emphasizes that this increase will not be repeated and points out that XRP's performance shows the size of potential gains.