Dogecoin Outlook: DOGE/BTC Hits Penultimate High After Musk’s Tweet

Dogecoin has hiit yet another intraday milestone, achieveing its 2nd highest high ever after Dogecoin enthusiast/promoter and world’s richest man Elon Musk tweeted his famous meme, this time about a dog barking up a ladder at the moon.

In a simple tweet published 9 hours ago, Elon Musk tweeted: “Doge barking at the moon”. This tweet set off a renewed round of buying on the
Doge pairs, sending the DOGE/BTC pair 9.84% higher. It had achieved gains of nearly 14% on the day, but a round of intraday profit-taking caused a slight pullback on the pair. DOGE/BTC now trades at 212 satoshi as of the time of writing.

Technical Levels to Watch

The pair is now challenging the resistance at 228 satoshi; the 2nd time it is happening this week. Previous attempts to break this resistance on 7 February were unsuccessful.

A break of this level opens the door for bulls to attack the current all-time hig at 260 satoshis. If this level is uncapped, we could see Dogecoin heading towards the 88.6% Fibonacci extension from the swing low to swing high of 28 January at 300 satoshis, with the 100% and 127.2% Fibonacci extensions at 327 and 391 satoshis respectively forming potential upside targets.

On the other hand, if traders decide to take profits from a rejection and pullback at the 228 satoshis resistance, we could see a drop towards 212 satoshis, with 190 and 151 satoshis coming into the picture as additional downside targets.

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Dogecoin (DOGE/BTC) Daily Chart

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