Dogecoin Soars as Tesla Expands Range on DOGE Payment Support

Pioneering electric car manufacturer Tesla updates their Checkout page with a special note to Dogecoin holders.

Doge dancing on a infinity road with a driving tesla on in.
Created by Kornelija Poderskytė from DailyCoin
  • Electric car behemoth Tesla adds a Dogecoin note to their Checkout page.
  • Bitcoin’s quick recovery to $65K boosts Dogecoin with high price correlation.
  • Overbought position imposes a challenge on Dogecoin’s ride above $0.17.

Tesla Motors has recently updated its Frequently Asked Questions section on its homepage, elaborating on Dogecoin’s (DOGE) support as a means of payment. This has sparked a bullish wave for DOGE, leading to a surge to new weekly heights of $0.168.

With a 30% upswing in price since last Thursday, Dogecoin’s acceptance rate also got a significant boost when Tesla’s official electronic shop’s checkout page was updated with the note: “Dogecoin may also be accepted on select products.” While the e-car giant has already started accepting DOGE for merchandise, CEO Elon Musk affirmed that payment in DOGE for Tesla’s electric cars will be available in the future.

A Favorable Setup for DOGE’s Takeoff?

The top dog coin reached a similar level on May 4, 2024, at $0.1668 but failed to jump above the key resistance of $0.17 twice since last weekend. Sporting a very high 0.97 price correlation with Bitcoin (BTC), DOGE faces a small resistance barrier from $0.167 to $0.183, where 99.2K crypto addresses hold 3.08 billion Dogecoins.

However, Dogecoin’s double rejection at the $0.17 price range suggests that a market correction is impending, as DOGE showcased an overbought position in its Relative Strength Index (RSI), pointing to above 70 on the daily charts.

DOGE has a foundation of 82% Dogecoin custodians currently making a profit at this price range. Exhibiting stronger market liquidity than competing peers Cardano (ADA) and Shiba Inu (SHIB), DOGE’s combined order book favors the bulls by $7 million, with $89M bids and $82M sales over the past 24 hours.

On the Flipside

  • In crypto derivatives markets, Dogecoin’s trading volume plunged 44% in a day, now totaling $3.12 billion.
  • Despite the substantial DOGE price surge, liquidated long positions outscored shorts by $2.48 million to $2.34 million.

Why This Matters

Dogecoin has been among the most widely accepted cryptocurrencies since 2021, when the token became popular across social media platforms.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.