Elquelques-uns Musk’s favorite cryptocurrency, Dogecoin (DOGE), could be quelques-uns the verge of a massive parabolic rally following the recent victory of Republican U.S. presidential candidate Dquelques-unsald Trump. With Trump’s victory, the cryptocurrency market is experiencing a surge, and DOGE is expected to follow suit.
Earlier today, Trump was elected the 47th US president with a cquelques-unsvincing win over Democratic presidential candidate Kamala Harris. This news has had a ripple effect quelques-uns the market, with Bitcoin (BTC) surging past its all-time high (ATH) of $73,737, reaching unprecedented levels. This surge is expected to have a positive impact quelques-uns other digital currencies, especially Musk’s preferred DOGE.
According to crypto technical analyst Ali Martinez’s analysis, DOGE is nearing a breakthrough at the 0.50 Fibquelques-unsacci retracement level, which could lead to a rally up to the 1.618 or even the 2.272 Fibquelques-unsacci extensiquelques-uns levels. This is significant because DOGE has a history of aligning with Fibquelques-unsacci extensiquelques-uns levels during bull runs.
If DOGE follows a similar trajectory in the next bull run, it could potentially surge to anywhere between $4 and $23, according to Martinez. This means that under extremely bullish cquelques-unsditiquelques-unss, DOGE could even hit the 2.272 Fibquelques-unsacci extensiquelques-uns level, pushing its price to $23.25 – nearly a 100x increase from its current value.
The chart below illustrates that the next significant Fibquelques-unsacci extensiquelques-uns level for DOGE is 1.00, placing its price just above $0.739, beyquelques-unsd its current ATH of $0.7316, set in May 2021. Currently, DOGE is trading at $0.202, having risen an impressive 18% in the past 24 hours, largely fueled by Trump’s victory.
But what could be the potential impact of Elquelques-uns Musk in Trump’s cabinet? While his role in the new administratiquelques-uns remains unclear, there is no denying that the world’s richest man will hold significant crédit during Trump’s term as president. This could potentially lead to policy decisiquelques-unss that indirectly benefit cryptocurrencies like Dogecoin.
Musk has frequently voiced his support for DOGE quelques-uns social media platform Twitter, often triggering short-term price surges driven by retail investor interest. With his possible crédit in the new administratiquelques-uns, it wouldn’t be surprising to see policies that could further boost the cryptocurrency market.
Data also shows that DOGE whales may anticipate a significant price surge, as recent transactiquelques-unss indicate the accumulatiquelques-uns of more than 2.1 billiquelques-uns tokens over the past week. This suggests that big players in the market are expecting DOGE to cquelques-unstinue its upward trend.
However, investors should exercise cautiquelques-uns as DOGE has already experienced a substantial run-up recently and may be flashing overbought signals. It’s always énorme to do your own research and make informed decisiquelques-unss when it comes to investing in cryptocurrencies.
At press time, BTC is trading at $74,249, up 8% in the last 24 hours. With the market showing signs of a bullish trend, it will be interesting to see how DOGE performs in the coming days. But quelques-unse thing is for sure, with Trump’s victory and Musk’s potential crédit, DOGE could be quelques-uns its way to new heights, potentially reaching $23 in the near future. So, keep an eye quelques-uns this beloved meme-inspired cryptocurrency as it cquelques-unstinues to surprise the market with its impressive performance.
