Dogecoin Price Prediction: Will DOGE Skyrocket On Elon Musk’s Starship Launch?

Dogecoin price has rallied 45% since March 10 and is up more than 29.67% higher than its January 1 opening. The leading meme coin has recorded more than 11.4% in the last three months and 53% over the last six months. DOGE's impressive performance can be attributed to many factors, but Elon Musk's recent move of replacing the Twitter logo with the Dogecoin emblem contributed to much of the latest gains.

As such, it is expected that Dogecoin may go ballistic in the near term, thanks to Musk's SpaceX Starship launch that is scheduled for April 20. The event which has been christened 4/20 or "Doge Day" will see the unveiling of the world's first fully reusable and most powerful space rocket that is designed to carry both cargo and people into space.

Analysts expect a surge in the Dogecoin price following the Starship launch, as the meme coin could be showcased, as was the case during the Texas Gigafactory launch event when a Doge mascot made up of drones appeared in the sky.

Dogecoin Price Ready For A Starship Explosion

The expected rally for DOGE comes as analysts predict a surge in buyer momentum for DOGE, which could initiate a massive uptick. At the time of writing, Dogecoin was trading at $0.0909 and was fighting overhead pressure from the $0.095 psychological level.

A rise above this level would bolster the price higher to confront resistance from the $0.0960 major roadblock. Overcoming resistance from this barrier would confirm a decisive upward breakout with the next hurdle emerging from the $0.1 psychological level.

Such a move would then clear the path for a rise toward the December 5 range high at $0.1118. This would represent a 24% increase from the current levels.

DOGE/USD Daily Chart

Apart from SpaceX's Starship launch, the technical setup and on-chain metrics supported Dogecoin's positive outlook. Note the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators were moving within the positive region. The price strength at 58 suggested that there were still more buyers than sellers in the market who were focused on pushing DOGE higher.

Note that the meme coin was trading above the major Simple Moving Averages (SMAs) which were facing upwards. The SMAs also provided strong support for the price on the downside. These were areas at $0.0824, a major buyer congestion zone embraced by both the 200-day and 100-day SMAs. Lower than that, the 50-day SMA at $0.0792 provided another safe haven where bulls could retreat to and plan another recovery attempt.

On-chain metrics from into the block also showed that the Shiba Inu rival sat on relatively strong support on the downside. Its In/Out of the Money Around Price (IOMAP) model showed that the path with the least resistance was upward.

The IOMAP chart below reinforced the support provided by the 100-day and 200-day SMAs around the $0.0824 level. This was found within the $0.0819 and $0.0846 price range where roughly 6.71 billion DOGE were previously bought by about 163,840 addresses.

Any attempts to pull the price below this region would be met by immense buying from this cohort of investors who would want the price to increase to maximize their profits.

Dogecoin IOMAP Chart

On the flip side, the IOMAP model revealed that a majority of DOGE holders (73.82%) were in profit at the current price. As such, the altcoin could face selling pressure that would challenge the bullish thesis as profit-taking begins. Loss of the  $0.09 support level could send the meme coin to revisit the $0.0824 major support level or March 10 swing low around $0.0626.