Investing.com – In recent weeks, the has been on the quiet side as its most famous champions, Tesla (NASDAQ:) CEO Elon Musk and Mark Cuban, hardly advertise anymore. It is possible that they have lost their faith in the project.
At Matt Wallace, we do not feel resignation, his interest in Dogecoin is intact. For several years, he has managed a YouTube channel devoted solely to DOGE. The number of his followers is about to cross the 250,000 mark.
Although the cryptocurrency is currently trading below six euro cents, Wallace expects the magic dollar mark to be reached by the end of the year. He’s so convinced of it that he even uses his YouTube channel as a bet. If the dollar bar is not reached by the end of the year, it will remove it.
It seems to assume that interest in the famous meme-coin will surge if the possibilities of practical application are soon given. The network has already launched a test network which is to serve as a basis for the development of dApps and DeFi.
It remains to be seen whether this will really be enough. In the current market environment, the degree of difficulty has in any case increased significantly. But maybe this is just Wallace’s personal deadline, after which he’ll turn to a new, more promising theme if he doesn’t meet it.
Dogecoin: Technical benchmarks
Dogecoin recently hit its new cycle low at $0.0498. From there, a rally took place which broke above the 23.6% retracement of $0.0605. The day’s closing price above this level was cause for hope, but it only lasted for a short time.
In the meantime, the price has already moved towards the low of the cycle and we can expect a test of this zone.
If broken below, losses will widen towards the 123.6% Fibo expansion of $0.0391.
Only a daily close above the 23.6 percent Fibo retracement could prevent this. At the same time, this would open the door for further recovery towards the 38.2% and 50% Fibo retracements of $0.0671 and $0.0724.
By Marco Oehrl