Dogecoin Could Surge to $23 Following Trump’s Presidential Victory
Dogecoin (DOGE), favored by Elon Musk, may experience a significant rally following Donald Trump's election as the 47th U.S. president. Bitcoin (BTC) recently surpassed its all-time high of $73,737, influencing other cryptocurrencies, particularly DOGE.
Potential Price Surge for Dogecoin
Technical analyst Ali Martinez indicates that DOGE is approaching a breakthrough at the 0.50 Fibonacci retracement level. This could lead to price targets at the 1.618 or 2.272 Fibonacci extension levels. Historically, DOGE has aligned with these levels during bullish trends.
If this trend continues, DOGE could rise to between $4 and $23. The next significant Fibonacci extension level is 1.00, which places DOGE's price above $0.739, exceeding its previous ATH of $0.7316 from May 2021.
Currently, DOGE trades at $0.202, with an 18% increase over the past 24 hours due to Trump's victory. If it reaches the 1.618 Fibonacci extension, the price could hit $3.94, significantly higher than its ATH. Under optimal conditions, reaching the 2.272 level could push DOGE’s price to $23.25, representing a nearly 100x increase from its current value.
Elon Musk's Influence
Musk's potential role in Trump’s cabinet remains uncertain, but his influence could impact cryptocurrency policies. His support for DOGE on social media often leads to short-term price increases driven by retail interest.
Recent data shows DOGE whales are accumulating over 2.1 billion tokens, suggesting anticipation of a price surge. However, investors should remain cautious as DOGE may be showing signs of being overbought after its recent increase.
As of now, BTC is trading at $74,249, reflecting an 8% rise in the past 24 hours.
