根据 加密Can Trump's victory spike the price of Dogecoin to $23?
Earlier today, Trump overwhelmingly defeated Democratic presidential candidate Kamala Harris to become the 47th president of the United States. Following Trump's victory, Bitcoin (BTC) surged to an all-time high (ATH) of $73,737, reaching unprecedented levels.
Despite BTC trading at a new high, the ripple effect of Trump's victory is expected to affect other digital currencies, particularly Dogecoin, which Musk favors.
According to encryptionTechnical analysisAccording to Ali Martinez's analysis, DOGE is about to break through the 0.50 Fibonacci retracement level and may rise to 1.618 or even 2.272 Fibonacci extension.
For beginners, Fibonacci extensions are used in technical analysis by determining the keySupport leveland resistance levels to predict possible future price targets. Historically, DOGE has often aligned itself with Fibonacci extensions during bull markets.
Martinez said that if DOGE follows a similar trajectory in the next round of the bull market, its price could soar to between $4 and $23.
The chart below shows that DOGE's next significant Fibonacci extension level is 1.00, making it slightly above $0.739, surpassing the current high of $0.7316 set in May 2021.
Currently, DOGE is trading at $0.202 and has risen 18% in the past 24 hours, thanks in large part to Trump's victory. If DOGE reaches the 1.618 Fibonacci extension level, its price could jump to $3.94 — more than five times its current historical price.
In an extremely bullish situation, DOGE could even reach the 2.272 Fibonacci extension level, pushing its price to $23.25 — almost 100 times its current value.
Elon Musk's Potential Influence on Trump's Cabinet
Although Musk's likely role in Trump's cabinet is unclear, the richest man in the world is likely to exert significant influence during Trump's presidency.
Musk often expressed support for DOGE on social media platform X, often triggering short-term price spikes driven by retail investor interest.
Since Musk is likely to have an influence on the new administration, it's not surprising to see policy decisions that could indirectly benefit cryptocurrencies like Dogecoin.
According to the data, DOGE whales may expect a sharp rise in price, as recent transactions indicate that the cumulative number of DOGE tokens in the past week has exceeded 2.1 billion.
Nonetheless, DOGE investors should proceed with caution as the coin has experienced significant gains recently and may signal overbought.
At press time, BTC was trading at $74,249, up 8% in the past 24 hours.
