The Department of Government Efficiency price soared 46% in the last 24 hours to trade at $0.04775 as of 06:41 a.m. EST on trading volume that skyrocketed 101% to $8.4 million.

This comes after Elon Musk said that Donald Trump’s government could save at least $2 trillion if he is elected and Musk heads a Department of Government Efficiency (DOGE). 

“Your money is being wasted, and the Department Of Government Efficiency is going to fix that,” Musk said.

Trump has previously said that he’d put Musk in charge of a Department Of Government Efficiency (DOGE) if he is elected. Dogecoin (DOGE) and Department of Government Efficiency (DOGE) have often spiked after comments by Musk.

Department Of Government Efficiency Price Could Continue Soaring

The Department Of Government Efficiency price has been on a decline since October 21, as the bears took control of the price within the $0.051 resistance to the $0.025 support zone, according to data from GeckoTerminal.

The support allowed the bulls to stage a bullish trend reversal, forming a parabolic curve that aims at sustaining the overall bullish trend.

DOGE now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the current bullish trend. Moreover, the 50-day SMA has crossed above the 200-day SMA, which has formed a golden cross at $0.036, further cementing the bullish sentiment.

The Relative Strength Index seems to be recovering towards the 70-overbought region, currently at 66, indicating that the price of Department Of Government Efficiency is under intense buying pressure.

Meanwhile, the Moving Average Convergence Divergence (MACD) fully supports the bullish outlook as the blue MACD line moves above the orange signal line, forming a bullish crossover.

The general trend is currently bullish, as the bulls aim to push the price of Department Of Government Efficiency to a new all-time high (ATH). In this case, the bulls could propel the token to hit the $0.070 resistance.