Dogecoin and Bitcoin reaches a new high following Musk’s tweet

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Dogecoin reached the second highest intraday peak ever after Dogecoin enthusiast/promoter and world’s richest man Elon Musk tweeted his iconic meme, this time about a dog barking up a ladder at the sky.

Elon Musk released a quick tweet 9 hours ago: “Dog barking at the moon.” This tweet triggered a new round of buying on the Doge pairs, sending the DOGE/BTC pair up 9.84 percent. The pair had gained nearly 14 percent on the day, but a round of intraday profit-taking sparked a modest pullback. DOGE/BTC is currently trading at 212 satoshi at the time of publication.

The pair is now testing the resistance at 228 satoshi for the second time this week. Attempts to crack through this resistance on February 7th had previously failed.


If this threshold is breached, bulls will be able to attack the new all-time high of 260 satoshis. If this level is not limited, Dogecoin could move towards the 88.6 percent Fibonacci extension from the swing low to swing high of 28 January at 300 satoshis, with the 100 percent and 127.2 percent Fibonacci extensions at 327 and 391 satoshis forming possible upside goals.

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If traders plan to take profits from a rejection and pullback at the 228 satoshis resistance, we may see a decline towards 212 satoshis, with 190 and 151 satoshis as additional downside goals.

 

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Dogecoin (DOGE/BTC) Daily Chart

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