Dogecoin price on track to hit new highs, rallying 16% with Tesla payments going live – FXStreet

Ekta Mourya Ekta Mourya
FXStreet

Elon Musk announced that Tesla merchandise can now be purchased using Dogecoin. The Shiba-Inu-themed cryptocurrency’s price is on track for a new high. 
An electric car giant, Tesla started accepting Dogecoin payments for its merchandise. The memecoin posted double-digit gains within minutes to Elon Musk’s announcement. 
The Tesla website states that Dogecoin is the only cryptocurrency that is accepted as payment for its merchandise.
Tesla accepts Dogecoin as payment
Tesla accepts Dogecoin as payment
Tesla is yet to accept Dogecoin for its electric vehicles. The Tesla merchandise that can be bought using Dogecoin can drive the utility of the cryptocurrency. Dogecoin price received a major boost and posted over 16% gains within minutes. 
Tesla had started accepting Bitcoin payments in May 2021; however, the electronic vehicles giant stopped soon after, citing environmental concerns. Musk has repeatedly stated that Dogecoin is a better alternative for payments than Bitcoin. 
Dogecoin core’s new release reduces fees for all memecoin’s network participants. 
@CryptoKaleo, a crypto analyst and trader, has predicted that Dogecoin price could hit the target of $0.24. The analyst believes that the memecoin has bullish potential. 
*Assuming* $DOGE doesn't retrace here and this isn't just some sick twisted fake, next point of resistance will probably be HTF log diagonal, around 24 cents. pic.twitter.com/olidZrzaAd
FXStreet analysts believe Dogecoin could form a dead-cat bounce before a fatal crash to $0.09. 
 

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Bitcoin price shows a tight consolidation on a lower time frame – an ascending parallel channel – that repeats the motif of three larger channels that have developed on higher time frames since the start of 2022. 
Dogecoin price is at the tail end of the most recent pullback from $0.0917. The largest meme coin pivots at $0.0686 at the time of writing, but it’s expected to close the distance to $0.1000 with its next move. Anticipation of the release of a Dogecoin-Ethereum bridge may prove a bullish catalyst.
Ethereum (ETH) price is set to enter a rare moment of silence as liquidity thins towards 16:00 CET, and traders await the comments from Fed chair Jerome Powell at one of the most important central bank events of this year.
Tezos (XTZ) price action is on the cusp of printing some violent swings as Fed chair Powell preparesto make one of his biggest speeches for the year. With investors looking for clues on what to do, the initial reaction will probably be a dovish one with a pop above a big technical hurdle. Only then will there be a substantial paring back of the gains, potentially with a nuclear implosion that will continue for days.
Bitcoin price shows a tight consolidation on a lower time frame – an ascending parallel channel – that repeats the motif of three larger channels that have developed on higher time frames since the start of 2022. 
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