What Next for Dogecoin After Today’s Huge Spike?

Dogecoin, which is Elon Musk’s preferred cryptocurrency, soared nearly 100% after a tweet from an entity known as the WSB Chairman tweeted about whether Dogecoin had ever hit a dollar in price.

Not much is known about the shadowy Wall Street Bets group or what they are all about, but the Tweet was enough to generate 3,900 retweets,
18, 400 likes and 950 Quote Tweets, which translated into a pump that sent the cryptocurrency soaring.

The price has pulled back from the intraday highs after a sharp retracement, but the price of DOGE/USD is on the move once more, enabling the pair to garner a gain of 62% so far.

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Technical Levels to Watch

DOGE/USD’s price spike was the conclusion of a long-standing bullish pennant pattern on the daily chart, which commenced on New Year’s Day. Having broken out of the consolidation area and attained the projected measured move of 0.01207000, price has retraced below the 2 January high at 0.01324577. This level remains the target to beat for bulls. A retest of this area and subsequent breakout allows for a retest of this level. A break targets 0.01381251, with the today’s high forming the next resistance target at 0.01499000.

On the other hand, a drop below 0.01162110 allows DOGE/USD aim for 0.01083494, with additional downside targets at 0.00743298 and 0.00682941.

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DOGE/USD Daily Chart

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