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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market
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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Dogecoin Path To $23? Fibonacci Extensions Hint At Massive Upside With Musk-Trump Influence

Ash Tiwari
Ash Tiwari
8 months ago
3 mins read
dogecoin

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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.

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9 months ago

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.

dogecoin
Source: ali_charts on X

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.

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Dogecoin Rockets Up 12%, But This FOMO Signal Could End Rally

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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.

bitcoin
Bitcoin trades at $74,249 on the daily chart | Source: BTCUSDT on TradingView.com
Featured image from Unsplash, Charts from X and Tradingview.com
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Ash Tiwari
Ash Tiwari

Ash Tiwari

Ash is a dedicated crypto researcher and blockchain enthusiast with a passion for diving deep into the evolving world of decentralized technologies. With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand.

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Ash’s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance.

In the NFT space, Ash’s interest is driven by the technology’s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash’s research in this area often touches on the intersection of culture, technology, and community-driven projects.

A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash’s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution.

When it comes to communicating these complex topics, Ash’s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights.

Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain’s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries.

Ash’s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash’s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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