The cryptocurrency DOGECOIN, popular among speculators, jumped nearly 15% after Elon Musk's Tweet that Tesla (TSLA.US) will allow cryptocurrency payment for some electric carmaker's merchandise. This is therefore a confirmation of what Musk had already announced in December 2021. However, there are a few conditions regarding buying products with Doge. Firstly, payment in cryptocurrency requires the buyer to have a special cryptocurrency wallet through which the transaction will take place. In addition, the waiting time for the transaction can take up to 6 hours due to the speed of the Dogecoin network. The transaction also cannot be cancelled or request a refund of the funds paid.
This is another Tesla project in which the utility of cryptocurrencies is actually realized. As a reminder, a year ago Tesla's CEO communicated that the company had purchased nearly $1.5 billion worth of Bitcoins and was going to enable payment with them. But then the idea quickly fizzled out, and Tesla stopped accepting BTC due to its high environmental footprint.
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Looking at the chart of DOGECOIN on the D1 interval, we notice that the growths were stopped at the resistance set by the EMA 200 (gold line) and the 38.2% retracement. Currently, the quotes have fallen below these limits and are now struggling to stay above the EMA 50 (blue line). Source: xStation 5
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