StarLink Jumped Up by 140% In Three Days After SpaceX Launch
On Saturday, November 13, billionaire Elon Musk’s space agency SpaceX launched 53 more Starlink satellites into Earth’s orbit. After that, in three days, the cryptocurrency of the same name, StarLink (STARL), increased in value by 140%.
According to the OKEx exchange, on the launch day, STARL added 13.7% in price, on November 14, the cryptocurrency jumped another 69%, and on Monday increased by an additional 27%.
According to the white paper, StarLink operates as a separate crypto project, which means there is nothing in common between StarLink’s cryptocurrency and SpaceX’s Starlink satellites other than the name. As it turned out, traders decided to catch the wave of hype of the satellite launch and pumped up the cryptocurrency.
StarLink is a decentralized metaverse project where STARL is the official default currency, helping users buy games, virtual real estate, and more.
As shown in the chart below, the STARL’s price has been forming higher highs through the ides of November, but its relative strength index (RSI) has been sloping downward, painting lower highs instead. That signals a classic bearish divergence due to a lack of follow-through upside momentum.
In the future, STARL may undergo a price correction. The constant parabolic support is trying to prevent the coin from testing $0.00064 as an intermediate target for the decline.
However, holding the price above the specified low could force STARL bulls to retest the token’s all-time high of around $0.00087.