Analyst Expects Banana Rally in Dogecoin & SUI, Targets 100%+ Gains!
As Bitcoin prices continue to fluctuate and struggle to cross the $100,000 mark, altcoins are gaining momentum. Despite 99,000 buyers and 100,000 sellers participating, smart money is still flowing into the altcoin space.
Dogecoin’s resurgence and the SUI token’s surge set the stage for the next big banana rotation. Let’s take a closer look at Doge and SUI price analysis to find upside price targets.
Raoul Pal chooses SUI and DOGE
In a recent tweet, Raoul Pal shared his take on the next big altcoin surge. I think the next ones in the big banana wheel cycle are SUI and DOGE, and probably the tokens you hold. With a special focus on SUI and DOGE, analysts expect most altcoins to rise in this bull run.
SUI price analysis
SUI price action showed a significant increase and was trading at $3.56. Recently, it hit an all-time high of $3.94. Currently, it is consolidating between the 1.27 and 1.618 Fibonacci levels.
The prices of these Fibonacci bands are $3.00 and $4.80 respectively. A breakout of the upper band could lead to a sharp rise. Based on Fibonacci levels, the next price targets are $8.00 and $18.00.
However, a bearish crossover between the MACD and signal lines warns of continued sideways movement to retest the $3.00 mark before making the next price increase.
DOGE price analysis
On the daily chart, Dogecoin’s price action shows a massive breakout rally in action. Starting from a falling wedge breakout, the DOGE rally has begun a banana rotation. It has broken above the 1.618 Fibonacci level at $0.37.
Dogecoin now begins a retest reversal from Fibonacci levels. Currently, it is trading at $0.4591 and heading towards the psychological $0.50 mark.
A bullish break above this level could lead to a test of $0.64 and possibly reach the $0.80 mark before the end of 2024.
Also, please read Dogecoin Price Prediction Learn about DOGE’s long-term prospects!
FAQ
With Bitcoin unable to break through the $100,000 mark, investors are turning their funds to altcoins like DOGE and SUI, which show strong breakout potential and significant upside.
SUI is consolidating between the Fibonacci levels of $3.00 to $4.80. If $4.80 is exceeded, the next targets are $8.00 and $18.00, although a retest of $3.00 is likely first.
Dogecoin is currently trading at $0.4591 and may soon test the $0.50 resistance. A break above this level could push DOGE to $0.64, with a possible rise to $0.80 by the end of 2024.
