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Sunday 11/05/2025 - 9:19
A potential breakout could lead to new highs for the DOGE/BTC pair.
Raoul Pal, the CEO of Global Macro, expressed his opinion that the cryptocurrency Dogecoin (DOGE) could reach a new high against Bitcoin (BTC).
The chart shared by Pal shows a long-term descending wedge, a well-known bullish reversal pattern.
After years of relatively quiet price movements during the period of 2014-2021, Dogecoin (DOGE) saw a massive rise in 2021.
It seems that Pal suggests a similar scenario could unfold this time. Another long-term descending channel has formed, indicating that Dogecoin may be preparing for another significant breakout after years of price consolidation. You might also like Saturday, 05/10/2025 - 14:03.
The price of XRP is still on its way to $3, with open interest maintaining a 5% rise according to Godfrey Benjamin.
The chart shared by Pal shows a bullish pattern where the massive rise in 2021 is likely to act as a flagpole. A breakout of the upper limit of the current descending channel could pave the way for the emergence of a new bullish flag pattern. In this case, the leading cryptocurrency could rise to its all-time high (around 0.000017 Bitcoin) and register additional gains.
Pal jokingly stated that Dogecoin (DOGE) would become 'the hardest currency on earth' and would be the most entertaining result considering its satirical nature.
