Musk and Trump support! Dogecoin (DOGE) may rise to $4
With the U.S. elections favorable for Donald Trump and Elon Musk, Dogecoin has become a star in the cryptocurrency market. The Tesla CEO urged voters to choose Trump and spoke at a rally last month.
The billionaire has tweeted multiple times about the importance of bringing Trump back to the presidency, and his voice has been heard. Trump defeated Democratic opponent Kamala Harris with over 300 electoral votes.
Musk is a supporter of Dogecoin, and after Trump's victory, Dogecoin surged by 25% on the charts.
Leading cryptocurrency analyst Ali Martinez explained that the path for Dogecoin to reach $4 may soon become a reality.
Martinez pointed out that previous bull market cycles indicate that once Dogecoin breaks through the 0.50 Fibonacci retracement level, it is likely to rebound to the 2.272 Fibonacci level.
If this happens, Dogecoin is expected to hit $4 after the influence of Trump and Musk on the meme coin. Over the next four years, Dogecoin may occupy a better position on the charts as the president focuses on economic growth.
Therefore, if history repeats itself, Dogecoin could rebound as strongly as it did in 2021. It could usher in a bull market era, making cryptocurrencies profitable for new and first-time investors. Musk's involvement with Dogecoin has attracted millions of new investors into the cryptocurrency space.
