Dogecoin Price Plunges 5% As Ferrari Adopts Crypto Payments In Europe And Traders Pivot To This SHIB P2E Presale For 100X Potential

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

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

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.

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