Dogecoin Sentiment Analysis: DOGE Investors Celebrate SpaceX Massive Support to the Moon

Last Updated July 23rd 2021
2 Min Read
  • Dogecoin hits the headlines as SpaceX accepts Dogecoin payments for a moon-bound rocket.
  • Dogecoin renewed the uptrend after holding onto support at the 100 SMA.
  • Dogecoin is set to cross massive boundaries after SpaceX, a private space exploration company, announced that it would accept the crypto as payment for moon-bound rocket flights. The meme coin continues to achieve more remarkable milestones, overshadowing other digital assets. Recently, Dogecoin traded new all-time highs at $0.75 before retreating to $0.42.

    What SpaceX support means for Dogecoin

    Geometric Energy Corporation has announced that in collaboration with SpaceX, it will send real Dogecoins to the moon. The Dogecoin-themed rocket will be developed by SpaceX, a company founded by Elon Musk.

    Musk’s idea is to make Dogecoin the first crypto asset in space, in addition to being the first meme in space. According to Musk, the satellite, Doge-1, will lift to the moon in 2022.

    The move to take Dogecoin to the moon does not increase the token’s utility for real-world usage. However, it finally puts Dogecoin beyond international acceptance. It elevates Dogecoin to a space cryptocurrency. Investors are likely to buy into Dogecoin as they speculate the actual launch of the moon-bound mission.

    Dogecoin rebounds as technical levels improve

    Dogecoin hit a new all-time high around $0.75 following Elon Musk hosted Saturday Night Live show. However, a correction occurred with DOGE testing support at the 100 Simple Moving Average (SMA) on the four-hour chart. After bouncing off the support highlighted at $0.4, the meme coin trades at $0.54,

    The 50 SMA is in line to offer immediate support while bulls look forward to another lift to $0.75 ahead of the ultimate liftoff to $1. It is essential to note that closing the day above $0.6 would be a massive bullish signal because buyers will have confirmed that the uptrend is intact amid market stability.

    DOGE/USD four-hour chart

     DOGE/USD 4-hour chart 051021

    According to the four-hour chart, the Moving Average Convergence Divergence (MACD) has a bullish impulse. This is a trend indicator but also measures the asset’s momentum. Traders use this technical tool in conjunction with other indicators to identify positions to buy the dip and sell the top.

    The least resistance path is downward, as reinforced by the MACD line (blue) crossing below the signal line. In addition to that, the MACD has crossed into the negative region, hinting at the bearish grip becoming stronger.

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