Ferrari, one of the globe’s most famous car manufacturers, confirmed the integration of Dogecoin (DOGE) for the company’s luxury car ventures in the United States. Dogecoin makes the list of other popular cryptocurrencies and stablecoins, including Bitcoin (BTC), Ether (ETH), and USD Coin (USDC).
Ferrari’s U.S. stores announced the partnership with BitPay in October 2023 with plans to expand the range of accepted cryptocurrencies and introduce the same means of pay for European customers due to “following requests from its wealthy customers.” Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, affirmed this.
Galliera also praised the cryptosphere for bringing solutions to reduce carbon emissions, a hot topic among blockchain skeptics. “Our target is to reach for carbon neutrality by 2030,” he added, having previously admitted that early cryptocurrency investors are often his company’s clients.
DOGE Rallies 7%: Is $0.10 the Next Checkpoint?
DOGE is known to be a popular merchant for Tesla’s merchandise; the Boring Company’s Tesla car travels around the Vegas Loop and the Dallas Mavericks.
However, the Dogecoin community, popularly known as the DOGE Army, mostly relies on tech mogul Elon Musk’s promise to include DOGE in X’s financial system. Along with the upcoming launch of the DOGE-1 X-Band rocket, public recognition accounts for many fresh investors joining the community.
The fancy adoption case may have contributed to Dogecoin’s 7% weekly bull run. The top dog coin is still far from the long-term goal of $0.10, unseen since December 11, 2023. Before retesting this barrier, Dogecoin has to jump above the resistance wall at $0.09.
Despite the daily market correction, crypto traders on X remain optimistic about Dogecoin’s future. To illustrate, crypto analyst Crypto Nathan forecasts a longer bullish price trend reversal based on the rare ‘W’ pattern formed by Dogecoin’s price movements.
The geometrical figure represents a strong support cluster, while the next confluent resistance level is at $0.10832. At press time, Dogecoin is exchanging hands at $0.08462, with a 3.6% drop due to today’s market correction.
On the Flipside
With a 120% increase in Derivatives trading volume, Dogecoin’s overall long versus short position ratio stands at 0.9467.
That confirms that shorting crypto traders outweigh long traders in the last 24 hours, liquidating $3.39M of long positions.
The combined Spot liquidity order book also affirms the coercion of sell positions with $407.7M in pending sells compared to $284.4M buys.
Why This Matters
Top-notch merchants accepting Dogecoin as a means of payment bring long-term value to the cryptocurrency.
Source : DailyCoin by Tadas Klimasevskis / Feb 20, 2024