Dogecoin is the star of the cryptocurrency market as the US election went in favor of Donald Trump and Elon Musk. The Tesla CEO urged voters to choose Trump and also spoke at his rally last month. The billionaire repeatedly tweeted and spoke about the importance of bringing Trump back into office, and his voice has been heard. Trump defeated his Democratic rival, Kamala Harris, by winning more than 300 electoral college votes.
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This puts Dogecoin in an advantageous position as Elon Musk will closely work with President-elect Donald Trump. Musk is a proponent of Dogecoin, and right after Trump’s victory, DOGE spiked 25% in the charts. The development shows that the entrepreneur could sway the prices further if crypto-friendly policies are put in place.
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Dogecoin Has a Path to $4: Says Analyst, Highlighting Trump & Elon
Leading cryptocurrency analyst Ali Martinez explained that Dogecoin’s path to $4 could soon become a reality. He pointed out that Musk’s influence on Trump could make the cryptocurrency market enter the bullish phase. The move could make Bitcoin and DOGE rally hard and other altcoins might follow suit. Not just the cryptocurrency market but even US stocks could be primed for a bull run.
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Martinez pointed to previous bull cycles, indicating that once DOGE crosses the 0.50 Fib retracement, it rallies to 2.272 Fib levels. If that happens, Dogecoin is primed to touch $4 on the heels of Trump and Musk’s influence on the meme coin. The next four years could put DOGE at a better place in the charts as the President will focus on the economy’s growth.
With @elonmusk now influencing the 47th President, @realDonaldTrump, #Dogecoin could be primed for a wild ride!
In past bull cycles, once $DOGE broke the 0.50 Fib retracement, it often rallied to the 1.618 or even 2.272 Fib levels. If history repeats, we could see #DOGE hit… pic.twitter.com/VEWXZ0NYOd
— Ali (@ali_charts) November 6, 2024
So if history repeats itself, Dogecoin could rally hard like it did in 2021. It could usher the bullish era making cryptocurrencies lucrative for newer and first-time investors. Musk’s involvement in DOGE attracted millions of new investors into the cryptocurrency fold.
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