Investing.com – Tesla (NASDAQ:) CEO and billionaire Elon Musk has been an advocate of the . Above all, he wants DOGE to become a payment option in an increasing number of cases. In the Tesla Shop, it has already been possible for a few months to pay for advertising items with the token.
Musk has now announced that there will be another use case for cryptocurrency. His company Boring will launch its own perfume, which can be paid for with Dogecoin, just like Tesla merchandising items. The scent should be like the smell you get when you lean over a candle, which is why the bottle was designed in a fiery red.
According to Musk, there are already 10,000 pre-orders for the perfume named “Burnt Hair”, which corresponds to a turnover of one million dollars for a sale price of 100 dollars (currently 1741 DOGE). Delivery is expected to take place early next year.
Dogecoin: technical price benchmarks
Dogecoin is currently recording, at one to one price of $0.057421, the loss is -5.01%, while the weekly loss stands at -11.67%.
The cryptocurrency is currently testing the 78.6% Fibo retracement of $0.0575. This is a strong level of support, as it has already managed to limit its losses in early and mid-September.
If the daily closing price were nevertheless to be below, we should expect an acceleration of the downward movement towards the psychological threshold of $0.0500. Below that, focus would shift to the cycle low of $0.0492.
Only if the bulls manage to defend the 78.6 percent Fibo retracement will a rally towards the 61.8 percent Fibo retracement of $0.0641 be possible. With a sustained rise past this level, the upside move will meet next resistance at the 50 percent Fibo retracement level of $0.0687.
By Marco Oehrl