With Bitcoin price remaining volatile and struggling to reach the $100,000 mark, the altcoin rally is gaining momentum. Despite the 99k buyers and 100k sellers going at it, the smart money is flowing into the altcoin segment.
Leading the pack, Dogecoin’s recovery and a massive jump in SUI token set the stage for the next great banana rotation. Let’s take a closer look at the Doge and SUI price analysis to find the upside price target.
Raoul Pal Chooses SUI and DOGE
In a recent tweet, Raoul Pal shared his next big altcoin set for a massive jump. I think next in the great banana rotation is SUI and DOGE and probably that token that you hold too. By paying special attention to SUI and DOGE, the analyst expects the majority of the altcoins to pump in this bull market.
SUI Price Analysis
The SUI price action showcases a massive rally, trading at $3.56. Recently, it had made an all-time high of $3.94. Currently, it is consolidating between 1.27 and 1.618 Fibonacci levels.
These Fibonacci bands are priced at $3.00 and $4.80 respectively. A breakout of the upper band will likely result in a massive surge. Based on the Fibonacci levels, the next price targets are $8.00 and $18.00.
However, the bearish crossover in the MACD and signal line warns of a sideways continuation to retest the $3.00 mark before taking the next price jump.
DOGE Price Analysis
In the daily chart, the DOGE price action shows a massive breakout rally at play. Starting with the falling wedge breakout run, the DOGE rally has already started a banana rotation. It has crossed above the 1.618 Fibonacci level at $0.37.
Dogecoin is now starting a post-retest reversal from the Fibonacci level. Currently, it is trading at $0.4591 and heading towards the $0.50 psychological mark.
A bullish breakout above this will likely test the $0.64 and could reach the $0.80 mark before the end of 2024.
Also, read Dogecoin Price Prediction for an overview of DOGE’s long-term prospects!
FAQs
With Bitcoin unable to break the $100k mark, investors are redirecting funds into altcoins like DOGE and SUI, which show strong breakout potential and significant upside.
SUI is consolidating between $3.00 and $4.80 Fibonacci levels. If it breaks $4.80, the next targets are $8.00 and $18.00, though a retest of $3.00 may occur first.
Dogecoin is currently trading at $0.4591 and could test the $0.50 resistance soon. Breaking this level may push DOGE to $0.64, with a potential rally to $0.80 by the end of 2024.
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