Dogecoin Path To $23? Fibonacci Extensions Hint At Massive Upside With Musk-Trump Influence
07 Novembro 2024 - 3:30AM
NEWSBTC
Elon Musk’s favorite cryptocurrency, Dogecoin (DOGE), could be on
the verge of a massive parabolic rally following the recent victory
of Republican U.S. presidential candidate Donald Trump. Could
Trump’s Victory Catapult Dogecoin To $23? Earlier today, Trump was
elected the 47th US president with a convincing win over Democratic
presidential candidate Kamala Harris. Following Trump’s victory,
Bitcoin (BTC) surged past its all-time high (ATH) of $73,737,
reaching unprecedented levels. Related Reading: Dogecoin (DOGE)
Sets Sights on $0.150: Will The Rally Take Off? While BTC is
trading at new highs, the ripple effect of a Trump victory is
expected to impact other digital currencies, especially Musk’s
preferred Dogecoin. According to crypto technical
analyst Ali Martinez’s analysis, DOGE is nearing a breakthrough at
the 0.50 Fibonacci retracement level, potentially leading to a
rally up to the 1.618 or even the 2.272 Fibonacci extension levels.
For the uninitiated, Fibonacci extensions are used in technical
analysis to project possible future price targets by identifying
key support and resistance levels. Historically, DOGE has
frequently aligned with Fibonacci extension levels during bull
runs. According to Martinez, if DOGE follows a similar trajectory
in the next bull run, it could surge to anywhere between $4 and
$23. The chart below illustrates that the next significant
Fibonacci extension level for DOGE is 1.00, placing its price just
above $0.739, beyond 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. If
DOGE reaches the 1.618 Fibonacci extension level, its price could
jump to $3.94 – more than five times its current ATH. Under
extremely bullish conditions, DOGE could even hit the 2.272
Fibonacci extension level, pushing its price to $23.25 – nearly a
100x increase from its present value. The Potential Impact Of Elon
Musk In Trump’s Cabinet While Musk’s potential role in Trump’s
cabinet remains unclear, the world’s richest man will likely hold
significant influence during Trump’s term as president. Related
Reading: Dogecoin Rockets Up 12%, But This FOMO Signal Could End
Rally Musk has frequently voiced his support for DOGE on social
media platform X, often triggering short-term price surges driven
by retail investor interest. With Musk’s possible influence
in the new administration, it wouldn’t be surprising to see policy
decisions that could indirectly benefit cryptocurrencies like
Dogecoin. Data shows that DOGE whales may anticipate a significant
price surge, as recent transactions indicate the accumulation of
more than 2.1 billion tokens over the past week. That said, DOGE
investors should exercise caution as the token has already
experienced a substantial run-up recently and may be flashing
overbought signals. At press time, BTC is trading at $74,249, up 8%
in the last 24 hours. Featured image from Unsplash, Charts from X
and Tradingview.com
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