Analyst Expects Banana Rally in Dogecoin & SUI, Targets 100%+ Gains!

With Bitcoin's uncertain trajectory and struggle to breach the $100,000 threshold, the altcoin market is gaining traction. Investors are shifting towards altcoins such as DOGE and SUI, which are exhibiting significant breakout potential and upward momentum.

Raoul Pal, a renowned financial expert, recently highlighted SUI and DOGE as his picks for the next major altcoin surge. He believes that these assets, along with other altcoins, have the potential for substantial gains in the current market.

SUI Price Analysis

SUI has recently displayed a remarkable rally, reaching a trading price of $3.56. It recently established an all-time high of $3.94. Presently, it is consolidating within crucial Fibonacci levels of 1.27 and 1.618.

These Fibonacci bands indicate target prices of $3.00 and $4.80, respectively. A breakout above $4.80 could trigger a substantial price surge. Based on the Fibonacci sequence, the subsequent price targets are $8.00 and $18.00.

However, a bearish crossover in the MACD and signal line cautions against over-optimism, suggesting a possible continuation of sideways movement before another price increase.

DOGE Price Analysis

The DOGE price chart reveals a powerful breakout rally. Following its breakout from a falling wedge pattern, DOGE's rally has initiated a banana rotation. It has surpassed the 1.618 Fibonacci level at $0.37.

Dogecoin is currently experiencing a post-retest reversal from the Fibonacci level, trading at $0.4591 and aiming for the psychological threshold of $0.50.

A bullish breakout above $0.50 may lead to a test of $0.64 and potentially reach $0.80 before the end of 2024.

FAQs

Why is the altcoin market gaining momentum despite Bitcoin's struggles?

Despite Bitcoin's inability to surpass $100,000, investors are redirecting funds into altcoins like DOGE and SUI. These altcoins exhibit higher breakout potential and significant upside potential.

What are the next price targets for SUI?

SUI is consolidating between $3.00 and $4.80 Fibonacci levels. A breakout above $4.80 may lead to subsequent targets of $8.00 and $18.00.

Where is Dogecoin heading in this bull market?

Dogecoin is currently trading at $0.4591 and is expected to test the $0.50 resistance level soon. Breaking this level could push DOGE towards $0.64, with a possible rally to $0.80 by the end of 2024.