Could Trump's Win Push Dogecoin to $20?


Trump defeated Democratic presidential contender Kamala Harris to become the 47th US president today. After Trump won, Bitcoin (BTC) reached new heights, surpassing its ATH of $73,737.


BTC is at fresh highs, but a Trump win is predicted to affect other digital currencies, notably Musk's Dogecoin.

DOGE may advance to 1.618 or 2.272 Fibonacci extension levels if it breaks the 0.50 Fibonacci retracement level, according to crypto technical expert Analysis.

Technical analysts utilize Fibonacci extensions to predict price goals by identifying critical support and resistance levels. DOGE often aligns with Fibonacci extension levels during bull runs.

Martinez believes DOGE might reach $4–23 in the next bull run if it continues a similar trend.

The chart below shows that DOGE's next key Fibonacci extension level is 1.00, slightly above $0.739, above its May 2021 ATH of $0.7316.

DOGE is trading at $0.202, up 18% in 24 hours due to Trump's win. The 1.618 Fibonacci extension level might push DOGE to $3.94, five times its current ATH.

Under severe bullish circumstances, DOGE might reach the 2.272 Fibonacci extension level and reach $23.25, a 100x rise from its current value.

The Musk Effect on Trump's Cabinet
Musk's position in Trump's cabinet is uncertain, but he will undoubtedly have major influence.

Musk routinely supports DOGE on social media platform X, causing retail investor interest to promote short-term price increases.

Musk's influence in the next government might lead to legislative changes that favor cryptocurrencies like Dogecoin.

DOGE whales may expect a price spike as recent transactions reveal the acquisition of over 2.1 billion tokens over the last week.

However, DOGE investors should be cautious since the token has just shot up and may be overbought.


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