As of July 3, SpaceX’s stock price finished the day at $162, an approximately 3% gain from the previous day, as buyers stepped back in strongly after some early session weakness. The stock opened at approximately $155, and selling dominated the early session.
Selling in the early session was met by buyers in the $157.54 support zone, effectively creating demand and stopping the descending selling. The buying in the support zone set the selling momentum for the early session. As selling shifted to buying, it began to push the stock into positive gains for the session.
Recovery in the session was driven by the $157 support zone, but also by positive sentiment due to the politically driven commentary coming out of a CNBC interview with Joe Kernen. During the interview, President Trump was saying that he believed because of his initiative, Elon Musk would contribute SpaceX stock, thus supporting the creation of the “Trump Accounts” program, which creates investment accounts that are legally allowed to contain publicly traded stock for donation.
Musk has the potential to donate publicly traded stock, and Trump referenced his past initiatives supporting major technology firms and major corporate donors Micron and Michael Dell. Until further notice, there has been no confirmation of such support, or other support by SpaceX or Musk, leaving everything in speculation.
The broader positive shift across all global financial assets supported the positive market sentiment. The strength in the cryptocurrency market was clear as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP all traded higher during the same session. The positive momentum also led to the first inflows to the digital asset investment funds. It was also clear that investors are gaining confidence in the more speculative assets.
The total capitalization of the cryptocurrency market reached $2.15 trillion as Bitcoin traded above $61,800 with Ethereum increasing by approximately 5%. The positive momentum in the cryptocurrency market affected the positive sentiment toward other volatile and high-growth assets including SpaceX stock, to be traded actively.
The SpaceX stock clearly showed strong volatility with buying/selling pressure control during the day. It was evident that purchasing pressure control was established after the price of SpaceX stock was stabilized after the support of $157.54. It was evident that pressure control was established in the $160 zone (which is also a psychological zone) with purchasing pressure.
It was evident that strong buying led to trading volume increases with purchasing control pressure by the institutions. It was evident that the stock was trading toward the $162.50 level of resistance with pressure control, and was trading below $162, but with a strong closure.
During after-hours trading, the price was trading marginally lower at $160.95 with buying profit pressure, but was trading above the critical price of $160 and also trading with a bullish short-term trend.
Traders project $165 will be the breakout point for SpaceX stock. A daily close above this level will likely cause a breakout. The target range breakout for buyers will be between $180 – $195. The market conditions will dictate how strong the buyers can push the price. Otherwise the bias stays the same. This is highly dependent on buying pressure, stability in the market, and if there will be any new developments related to Musk’s participation in the proposed project.
