The Dogecoin price is up 45% since March 10 and 29.67% since its debut on January 1. The leading meme coin has posted gains of over 11.4% in the last three months and 53% in the last six months. Numerous causes contributed to DOGE’s excellent growth, but Elon Musk’s recent choice to switch the Twitter logo for the Dogecoin symbol was a major component in the most recent increases.
Therefore, Dogecoin is expect to go wild in the short term, thanks to the launch of Musk’s SpaceX Starship, which is schedule for April 20. The event, aptly named 4/20 or “Day of the Doge,” will see the unveiling of the world’s first, most powerful and fully reusable space rocket designed to carry cargo and people into space.
Analysts expect a rise in the Dogecoin price after the launch of Starship, as the meme coin could be display, as happened during the Texas Gigafactory launch event when a drone-made Doge mascot appeared in the sky.
Dogecoin Price Set for a Starship Explosion
Analysts anticipate that DOGE will experience an increase in purchasing momentum, which might spark a significant surge. Dogecoin is now resisting upward pressure from the psychological milestone of $0.095, trading at $0.0909.
A rise above this level will propel the price higher to face resistance from the key resistance at $0.0960. The next barrier would rise from the psychological $0.1 level after a decisive breakout above the resistance at this roadblock.
Such a move would clear the way for a move toward the December 5 high at $0.1118. This would represent a 24% increase over current levels.
DOGE/USD Daily Chart
In addition to SpaceX’s Starship launch, technical setup and on-chain metrics supported the positive outlook for Dogecoin. Note that the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators were trading within the positive zone. The price strength at 58 suggested that there were still more buyers than sellers in the market focused on pushing DOGE higher.
Note that Mem Coin was trading above the key simple moving averages (SMAs) that were trending up. The SMA also provided strong support for the price to move lower. These were the areas at $0.0824, a key area of buyer congestion dwarfed by the 200 and 100-day SMAs. The 50-day SMA, located at $0.0792, offered another safe haven below this price where the bulls might pause and make plans for yet another rally effort.
Additionally, on-chain analytics for the entire block revealed that Shiba Inu’s competitors had comparatively solid downside support. His In/Out of the Money Around Price (IOMAP) model demonstrated that the upward path was the one with the least amount of resistance.
The 100 and 200-day SMAs’ support near the $0.0824 level was bolstered by the IOMAP chart below. The price range between $0.0819 and $0.0846 is where around 163,840 addresses previously purchased 6.71 billion DOGE.
Any attempt to push the price below this area will be meet with excessive buying by this group of investors, who are looking for a rise in price to maximize their profits.
Dogecoin map chart
According to the IOMAP model, the majority of DOGE holders, representing 73.82% of them, are currently making profits. However, this may challenge the bullish thesis for altcoins, as profit-taking is possible. If holders start selling their profits, this selling pressure could cause the price of DOGE to drop.
If the $0.09 support level lost, it could trigger a further decline in DOGE price, possibly a retest of the key support level of $0.0824 or the March 10 low, which is around $0.0626. This could be an important test for the stability of Meme Coin, as a loss of support could signal a change in sentiment towards the asset.
