Dogecoin (DOGE) traded at $0.105 today, May 18, after dropping by 5.6% in 24 hours. The fall comes after the entire crypto market lost more than $700 million through liquidations, and the sentiment turning to fear again. But Dogecoin price has a lifeline because Hyperliquid has launched trading of a pre-IPO perpetual futures contract for SpaceX. Events revolving around Elon Musk tend to cause DOGE to gain or fall, and the former is expected when the SpaceX IPO happens.
SpaceX Pre-IPO Trading Launches on Hyperliquid
Hyperliquid debuted SPCX-USDC on May 18. It is a pre-IPO perpetual futures contract that will mirror the common stock of SpaceX even though the company has not yet gone public.
Tesla has invested in Bitcoin and Musk is a fan of Dogecoin, and it is these crypto connections that are causing hype around SPCX-USDC and interest the price of DOGE. It launched at $150, and at a market cap of $1.78 trillion, and this is also the market cap that SpaceX is targeting in June.
SPCX-USDC was at $203 at the time of writing, after a 13% increase in 24 hours. It had volume numbers of more than $44 million and an open interest of $24 million 15 hours after it started trading.
Dogecoin price is not seeing the same hype because it had dropped by 5.85% in 24 hours, even if the volume had gone up by 85%. But this drop was not unique to Dogecoin. The rest of the crypto market had also crashed because of new concerns that the US-Iran war is going to peak again. Hyperliquid was the only gainer after rising by 7% to $46.
SpaceX will be the first company to have an IPO of more than $1 trillion, and crypto is a part of it because it holds 8,285 Bitcoin. Dogecoin might get to its January high of $0.15 as the IPO date nears because of Musk’s connection to this meme coin.
A previous CoinGape Dogecoin price analysis said it might reach $0.12 because of the SpaceX IPO.
Dogecoin Price as Uptrend Loses Steam
Dogecoin price has been in a rising channel since April 12, when the price was at $0.0902, and by May 14, it had reached $0.118. This is a 30.8% gain in six weeks.
But bulls are losing their grip because DOGE has dropped from this channel after the price went from $0.117 to $0.106 in four days. It has gone below the lower trendline to show that bears are now in charge.
A long-term Dogecoin price forecast notes that it needs to go above the lower trendline that is now resistance at $0.108, for it to get to $0.15 in June when SpaceX gets its IPO.
But the RSI reading of 48 shows that sellers are in charge, and if this reading continues to drop, Dogecoin price might not reclaim the resistance of $0.108, and it will fall to $0.092.
The ADX line raises the odds that resistance at $0.108 is going to break because it is falling. This ADX reading shows that even if the price has gone below support, the downward trend is weak, and a gain to $0.15 after the SpaceX IPO is possible as long as it breaks resistance at $0.108.
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