As a seasoned crypto investor with a knack for spotting trends and a penchant for the quirky, I find the recent surge in Dogecoin (DOGE) quite intriguing. The confluence of Elon Musk’s favoritism towards DOGE, Trump’s presidency, and the Fibonacci extensions has created an interesting cocktail that could potentially catapult DOGE to unprecedented heights.
It’s possible that Dogecoin (DOGE), Elon Musk’s preferred cryptocurrency, might experience a significant surge in value, reminiscent of a parabolic rise, due to the recent election win of the U.S. Republican president-elect, Donald Trump.
Could Trump’s Victory Catapult Dogecoin To $23?
Previously today, Trump was chosen as the 47th President of the United States in a decisive vote against Democratic presidential nominee Kamala Harris. In the aftermath of Trump’s triumph, Bitcoin (BTC) soared beyond its previous record high ($73,737), reaching unparalleled heights.
As Bitcoin reaches record prices, there’s anticipation that a Trump presidency could influence other digital currencies, particularly Dogecoin, which Elon Musk favors.
Based on the assessment by crypto technical analyst Ali Martinez, Dogecoin (DOGE) appears poised for a significant surge as it approaches the 0.50 Fibonacci retracement level. This potential breakthrough could propel DOGE’s price upward to reach either the 1.618 or even the 2.272 Fibonacci extension levels, indicating substantial gains are possible.
For those new to this concept, Fibonacci extensions serve as a tool for predicting potential future prices by pinpointing crucial support and resistance points in technical analysis. In the past, Dogecoin (DOGE) has often followed these Fibonacci extension levels, particularly during periods of growth.
As suggested by Martinez, if Dogecoin mirrors its previous trend during the upcoming bull market, it might soar to prices ranging from $4 to $23.
The graph shows us that the upcoming major Fibonacci extension level for Dogecoin (DOGE) is approximately 1.00, which translates to a price slightly above $0.739. This value surpasses its all-time high (ATH) of $0.7316, achieved in May 2021.
At this moment, Dogecoin (DOGE) is being traded at approximately $0.202. In the last 24 hours, it has seen a significant surge of 18%, largely driven by President Trump’s win. If DOGE were to reach its 1.618 Fibonacci extension level, its price could potentially soar to $3.94 – which is significantly more than five times its current all-time high (ATH).
In very optimistic market circumstances, Dogecoin (DOGE) might reach the 2.272 Fibonacci extension level, which translates to approximately $23.25 per coin. This potential price surge represents a nearly 100-fold increase from its current value.
It’s still uncertain what role Elon Musk might play within Trump’s administration, but given his wealth and status, it’s expected that he’ll wield considerable sway throughout Trump’s presidency.
On the social media site X, Elon Musk regularly expresses his backing for Dogecoin (DOGE), which tends to spark brief increases in its value due to heightened enthusiasm among individual investors.
It’s not unexpected that, given Elon Musk’s potential role in the new government, there may be policy choices made that could inadvertently support cryptocurrencies such as Dogecoin.
It appears from the data that large investors in Dogecoin (DOGE), often referred to as “whales,” might be preparing for a substantial price increase. This is suggested by the fact that they have purchased over 2.1 billion DOGE coins in the last week, according to recent transactions.
As a researcher studying the Dogecoin market, I would advise fellow investors to approach with care. Given its recent significant surge, Dogecoin might be displaying signs of being overbought.
At press time, BTC is trading at $74,249, up 8% in the last 24 hours.
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2024-11-07 09:40