Dogecoin Price Steadies at $0.106 as Musk Revives SpaceX DOGE-1 Talk

Key Insights:

• After it fell to $0.095, Dogecoin price has stabilized around $0.106 following the reaction of the traders to Musk’s comment and overall volatility.
• Musk posted again about DOGE-1 moon talk and suggested that SpaceX would launch a literal Dogecoin to the moon as early as 2027.
• Negative MVRV and an RSI near 31 suggest DOGE price may be undervalued, but the trend stays bearish below $0.119 resistance.

Dogecoin price steadies at $0.106 after Elon Musk hinted that SpaceX could finally launch the long-awaited DOGE-1 mission in 2027. The meme coin rose over 1.5% in the hour following Musk’s February 3 response to Tesla Owners Silicon Valley on X. There, he teased a possible launch “maybe next year.”

This isn’t the first time Musk has stirred excitement. His original April 2021 post about sending “a literal Dogecoin to the literal moon” triggered a 30% price jump at the time. It had sent DOGE close to $0.6.

Now trading far below those heights, Dogecoin price hovers above the key $0.10 level amid renewed buzz. It’s bolstered by the mission’s symbolic return to relevance and Musk’s casual confirmations on social media.

DOGE-1 Mission Delays and Its Crypto Significance

Originally scheduled for Q1 2022, the DOGE-1 mission has yet to leave Earth. The 40kg CubeSat built by Geometric Energy Corporation was fully financed in Dogecoin. It was intended to gather data on the moon and was the first cryptocurrency ever to be put into space.

SpaceX Vice President, Tom Ochinero, termed the invention a crypto utility in space.

The launch has been impacted by continuous delays despite the initial buzz. In the last instance, the CEO of Geometric, Samuel Reid, proposed a preliminary schedule for the second half of 2026. New remarks by Musk suggest that 2027 may now be closer to the truth.

Musk Responding to Tesla Owners Silicon Valley | Source: X

The new hype is a few days after SpaceX confirmed its purchase of xAI. It is the artificial intelligence company Musk founded, combining the two companies into a single, 1.25 trillion private technology conglomerate.

Although it does not directly correlate with DOGE-1, the news draws more attention to the Musk-led projects. It reinforces the focus on the memecoin’s space-themed aspirations.

On-Chain Metrics Suggest Dogecoin Price is Undervalued

In addition to headlines, On-chain metrics of Dogecoin indicate an increase in investor interest. The Market Value to Realized Value(MVRV) ratio rose now to -14.40% on Tuesday, a reversal of -20.80% on the weekend.

In the past, negative MVRV values suggested that traders were recording unrealized losses and tended to be considered entry points by swing traders.

DOGE 30-day and 7-day MVRV Ratio | Source: Santiment

CoinGlass reported that over $600 million in long positions were wiped out market-wide last weekend, including $22.3 million in DOGE longs. This marked the third-largest DOGE liquidation in 90 days. Still, the token rebounded from Saturday’s low of $0.095 and held firm above the $0.10 support level.

The MVRV ratio of 7 days upgraded to -1.16. It is an indication that certain recovery is being experienced, but very cautiously. The long-to-short ratio is 1.02, indicating that traders have a slight bullish bias.

Doegecoin Price Technical Indicators Reveal Recovery Window

Technically, Dogecoin appears oversold. The Relative Strength Index (RSI) stands at 31, just above the key 30 mark, indicating a potential rebound. This usually suggests a possible bounce, particularly when it is supported by a volume onslaught.

Dogecoin Price Daily Chart | Source: TradingView

The falling wedge is also apparent in Dogecoin price action. The falling wedge is usually a bullish reversal formation. Should be confirmed, DOGE may retest the $0.119 resistance and possibly reach $0.20.

A more optimistic scenario could place $0.30 in sight over the medium term. But bears aren’t out of the picture. Dogecoin is 66% down since October, and the MACD indicator still shows a bearish crossover that formed on January 17.

If Dogecoin price slips below $0.095, the next crucial support lies at $0.078. For now, DOGE traders are navigating a fragile equilibrium between Musk-fueled optimism and broader market skepticism.

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