- The cutting-edge electric vehicle maker Tesla adds a unique message to Dogecoin holders on their Checkout page.
- Massive electric vehicle Tesla updates their checkout page with a Dogecoin remark.
- Dogecoin’s strong price connection is boosted by Bitcoin’s swift comeback to $65K.
- Dogecoin’s rise over $0.19 is challenged by an overbought situation.
In an update to its homepage’s Frequently Asked Questions section, Tesla Motors expanded on its support for Dogecoin (DOGE) as a payment method. Due to this, DOGE has seen a bullish wave that has propelled it to all-time highs of $0.168 per week.
In addition to seeing a 30% price increase since last Thursday, Dogecoin’s acceptance rate saw a notable increase when the checkout page of Tesla’s official electronic store was modified to include the disclaimer: Dogecoin may also be accepted on some products.
Elon Musk, the CEO of the company that makes electric automobiles, confirmed that DOGE will eventually be accepted as payment for Tesla vehicles, even though the company has already begun to take it for items.
An Optimal Configuration for DOGE’s Launch?
The leading dog currency hit a comparable level on May 4, 2024, at $0.1768, but it hasn’t been able to break over critical barrier of $0.18 twice since last weekend. With a very strong 0.97 price connection to Bitcoin (BTC), DOGE has a $0.167–$0.183 resistance range, where 3.08 billion Dogecoins are held by 99.2K crypto addresses.
However, given that Dogecoin (DOGE) displayed an overbought position in its Relative Strength Index (RSI), pointing to above 70 on the daily charts, it appears that a market correction is imminent in light of its double rejection at the $0.17 price range.
At this pricing point, 82% of Dogecoin custodians holding DOGE are currently profitable. With $89 million in bids and $82 million in sales during the previous day, DOGE’s combined order book favored the bulls by $7 million, demonstrating greater market liquidity than rivals Cardano (ADA) and Shiba Inu (SHIB).
- Liquidated long holdings outpaced shorts by $2.48 million to $2.34 million despite the significant DOGE price spike.
When Dogecoin gained popularity on social media in 2021, it became one of the most commonly acknowledged cryptocurrencies.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
