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The Dogecoin price plunged 5% in the last 24 hours to trade for $0.1242 as of 02:45 a.m. EST on trading volume that climbed 4%.
It comes amid broad market weakness with the meme coin sector’s market capitalization tumbling 5.4% to $51.5 billion, according to CoinGecko.
Still, DOGE holders and the crypto community broadly are elated by news that Italian luxury carmaker Ferrari is extending the acceptance of cryptocurrency payments to Europe.
Ferrari to accept #Dogecoin in Europe!
This comes after a successful launch in the U.S https://t.co/Udt2tZCDtO pic.twitter.com/o17TIco10x
— Doge Whisperer 🐕 (@TDogewhisperer) July 24, 2024
Crypto payments were already available in the US and will be extended to dealerships across Europe beginning the end of this month. More dealerships across Ferrari’s global network will also offer the same scheme towards the end of 2024, provided crypto is accepted in those countries.
JUST IN: 🇪🇺 Ferrari to accept #Bitcoin & Ethereum payments in Europe. pic.twitter.com/llmJJ3yny8
— Watcher.Guru (@WatcherGuru) July 24, 2024
In the US, Ferrari allows crypto purchases using Bitcoin (BTC), Ether (ETH), and Circle’s USDC stablecoin (USDC). These payments are processed through BitPay, which converts crypto payments into traditional currency on behalf of Ferrari’s dealers.
The conversions happen almost immediately, protecting both the customer and the dealer from price swings while excluding fees for both parties.
With this decision, Ferrari joined BMW, which also experimented with crypto as a means of payment, just like Tesla did for 50 days in 2021.
Dogecoin Price Prediction
The Dogecoin price is trading with a bearish bias, recording lower highs over the past several days. The Relative Strength Index (RSI) has just crossed below the mean level of 50, at 49, suggesting falling momentum.
Nevertheless, not all is lost, given that the price remains within the confines of the ascending parallel channel. This technical formation is bullish and promises more gains, but this is contingent on the Dogecoin price remaining within its boundaries.
The Moving Average Convergence Divergence (MACD) is also in positive territory and holding above its signal line. This shows that buying pressure still effectively counterweighs sellers’ efforts.
Notwithstanding, only a stable candlestick close above the 50% Fibonacci placeholder of $0.1652 would render DOGE attractive to buy. Skeptics, however, may consider waiting for a candlestick close above the 61.8% Fibonacci retracement level of $0.1883.
GeckoTerminal: DOGE/USD 1-day chart
However, if the lower boundary of the channel breaks, the Dogecoin price could extend the fall. A candlestick close below $0.1150 would toss DOGE in the hands of the bears, potentially triggering massive sell-offs.
In a dire case, the downtrend could extrapolate for the Dogecoin price to revisit the lows of $0.0926, last tested on July 5.
As the DOGE price tumbles, so the Shiba Shootout (SHIBASHOOT) presale is closing on $1 million in funds raised.
The Play-to-Earn (P2E) SHIB derivative offers ”insane rewards,” says popular YouTube channel 99Bitcoins, which boasts over 705K subscribers.
Promising Alternative To Dogecoin
SHIBASHOOT is the powering token for Shiba Shootout, a project that takes holders to crypto’s wild west frontier for the ultimate shootout showdown at a place called Shiba Gulch.
With a basic version of the mobile game available on Google Play and the Apple App Store, Shiba Sharpshooter will soon receive a huge Web3 update that allows users to earn its utility-packed native token, $SHIBASHOOT.
Investors can also stake SHIBASHOOTOUT for a stratospheric 1,265% annual return.
YouTube crypto expert Michael Wrubel told his 312,000 subscribers that Shiba Shootout is ”the next 100x Shiba Inu.”
If you would like to join investors who have already ploughed $785K into the project, you can buy SHIBASHOOT tokens for $0.0197. That price tag that will only last for just under nine days, so don’t wait too long to secure the best deal.
Visit and buy Shiba Shootout here.
Also Read:
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- Here’s Why the New Meme Coin Shiba Shootout Could Outshine Dogecoin, Shiba Inu, and Pepe
- Shiba Shootout’s High-stakes Battle is the Latest Meme Coin Craze – The Next 100X Opportunity?
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