Mix together the orange juice with 2 cups Moscato in a large measuring cup or bowl. Pour the mixture into 2 ice cube trays. Mix together the lemonade, 1 teaspoon grenadine and the remaining Moscato in the same bowl and pour into 2 more ice cube trays. (You probably won't fill them completely.) Freeze for at least 2 hours or up to overnight. (See Cook's Note)
Put 1 tablespoon grenadine in the bottom of each of 4 glasses. Freeze for 30 minutes.
Add the orange ice cubes to a blender and blend until smooth and slushy, adding a little orange juice if necessary. Remove the grenadine glasses from the freezer. Spoon the slushy mixture evenly into the glasses.
Add the lemonade ice cubes to the blender and blend until smooth and slushy, adding a little extra lemonade if needed. Gently spoon the lemonade mixture on top of the orange juice mixture in each of the glasses. Top each with a maraschino cherry.
If you freeze the ice cubes overnight, bring them to room temperature to soften for 15 minutes before blending.
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