Dogecoin has kept a quiet profile in recent weeks, since its most renowned proponents, Tesla (NASDAQ:TSLA) CEO Elon Musk and Mark Cuban, no longer promote. It’s probable that they’ve lost hope in the initiative.
We do not feel resigned about Matt Wallace’s interest in Dogecoin. He has been running a DOGE-only YouTube channel for numerous years. His following is going to surpass 250,000 people.
Although the cryptocurrency is presently selling below six euro cents, Wallace believes it will hit the magical $1 milestone before the end of the year. He’s so sure of it that he uses his YouTube channel as a wager. It will be removed if the dollar bar is not met before the end of the year.
It appears to be assumed that interest in the well-known meme-coin will increase if actual application possibilities are quickly provided. The network has already created a test network as a foundation for the development of dApps and DeFi.
It remains to be seen if this will be sufficient. In any case, the degree of difficulty has grown dramatically in the present market situation. But maybe this is Wallace’s personal deadline, and if he doesn’t reach it, he’ll move on to a new, more promising topic.
Technical benchmarks for Dogecoin
Dogecoin recently reached a new cycle low of $0.0498. Following that, there was a surge that broke over the 23.6 percent retracement of $0.0605. The day’s closing price above this level gave reason for optimism, but it was fleeting.
Meanwhile, the price has already moved towards the cycle low, and we may expect a test of this zone.
If the price falls below the 123.6 percent Fibo expansion level of $0.0391, losses would worsen.
Only a daily closing above the 23.6 percent Fibo retracement might save this from happening. At the same time, this would pave the way for additional gains towards the 38.2 percent and 50 percent Fibo retracements of $0.0671 and $0.0724, respectively.
