With the US election favorable to Donald Trump and Elon Musk, Dogecoin has become the star of the cryptocurrency market. Tesla CEO urged voters to choose Trump and gave a speech at last month's rally. The billionaire has tweeted multiple times and talked about the importance of getting Trump back into the presidency, and his voice has been heard. Trump defeated Democratic opponent Kamala Harris by over 300 electoral votes.
This puts Dogecoin in a favorable position, as Elon Musk will work closely with the elected president Donald Trump. Musk is a supporter of Dogecoin, and after Trump's victory, Dogecoin soared 25% in the rankings. This development indicates that the entrepreneur may further influence the price if crypto-friendly policies are implemented.
Analysts say Dogecoin could rise to $4, with Trump and Elon playing a key role
Leading cryptocurrency analyst Ali Martinez explains that the path for Dogecoin to reach $4 may soon become a reality. He points out that Musk's influence on Trump could lead the cryptocurrency market into a bullish phase. This could result in a strong rally in Bitcoin and Dogecoin, with other Altcoins potentially following suit. Not only the cryptocurrency market, but the US stock market may also be poised for a bull market.
Martinez notes that previous bull market cycles indicate that once Dogecoin breaks above the 0.50 Fibonacci retracement level, it will rebound to the 2.272 Fibonacci level. If this happens, Dogecoin could reach $4 after the impact of Trump and Musk on the meme coin. Over the next four years, Dogecoin may occupy a better position in the rankings, as the president will focus on economic growth.
Therefore, if history repeats itself, Dogecoin could rebound strongly like in 2021. It may usher in a bull market era, making cryptocurrencies profitable for new investors and first-time investors. Musk's involvement in Dogecoin has attracted millions of new investors to the crypto space.
