Donald Trump's return to the White House after a four-year absence has brought excitement and joy to the cryptocurrency market.
At this point, while Bitcoin (BTC) reached a new ATH, there were also significant increases in altcoins. Dogecoin (DOGE) in particular attracted attention with its rise, and the price exceeded $0.2.
So, Will DOGE's Rise Continue?
First, popular analyst Ali Martinez stated that it could experience a crazy rise due to Trump's election and Elon Musk's influence.
Citing historical data and past bull cycles, the analyst noted that DOGE usually experiences a major rally when it breaks above the 0.50 Fib support level.
According to the analyst, DOGE rose to 1.618 and even 2.272 Fib levels after breaking the 0.50 Fib level in past bull cycles.
At this point, the analyst said that if history repeats itself for DOGE, the price could reach somewhere between $4 and $23.
Apart from Ali Martinez, Peter Brandt, who has 50 years of experience, was also among the analysts expecting an increase in Dogecoin.
Brandt stated that he expects new ATHs in DOGE due to Musk's influence and said, “We trust Musk. Dogecoin completes a channel and starts the race. DOGE confirms the channel breakout with large fundamental price accumulation and new ATHs in the corner and paves the way for new ATHs.”
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
*This is not investment advice.
