Crypto Industry News:
The fast food giant McDonald's faced criticism after a response to Tesla CEO Elon Musk.
The billionaire yesterday asked a Chicago-based fast food corporation to start honoring payments in the Dogecoin cryptocurrency. In return, he promised to eat Happy Meal on TV:
"I will eat a happy meal on tv if McDonalds accepts Dogecoin"
McDonald's replied that he would accept DOGE if Tesla accepts "Grimacecoin".
The name was inspired by Grimace, a purple anthropomorphic creature that began appearing in McDonald's commercials in the early 1970s. Originally it was supposed to be a mischievous-looking figure with four arms who would steal shakes from kids. McDonald's Creative Director Roy Bergold told QSR Magazine that the idea failed because it was too scary for the kids.
Just minutes after McDonald's tweet, someone created an actual token called "Grimace" on the Binance Smart Chain, which reached over 261,000% within hours, after which the lion's share of growth simply evaporated in the world.
The Dogecoin community was largely unhappy with the response McDonald's gave Elon Musk, and Dogecoin co-founder Billy Markus commented that the Grimacecoin tweet was a textbook example of how to do something extremely misplaced and not funny.
Technical Market Outlook
The ETH/USD bulls are trying to bounce after the level of $2,199 had been hit recently, but the last move up was very shallow and the market still traders under the $3k level. The next target for bears is seen at the level of $2,000, $1,941 and $1,731- this is the line in sand before a collapse under the $1,000 level. On the other hand, the nearest technical resistance are $2,549, $2,638, $2,778, $2,930 and $3,000. The market conditions are extremely oversold on H4 and Daily time frames, so this might help the demand side to bounce higher.
Weekly Pivot Points:
WR3 - $3,996
WR2 - $3,638
WR1 - $2,926
Weekly Pivot - $2,584
WS1 - $1,819
WS2 - $1,512
WS3 - $812
Trading Outlook:
The market is controlled by bears that pushed the price way below the level of $3k, so a breakout above this level is a must for bulls for a trend reversal. The market retrace more than 50% since the ATH at the level of $4,868 and the next long-term technical support is located at $1,721 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term retracement level for bulls.
