The Department of Government Efficiency price surged 19% in the past 24 hours to trade at $0.4128, while trading volume surged 26% to $76.41 million.
The DOGE token was inspired by Donald Trump’s idea to create a new department led by Elon Musk focused on government efficiency. In this case, Trump’s victory in last week’s US presidential election led to a significant increase in the token’s price.
We did it 🫡🇺🇸🚀
American voters have spoken, and we'll see Elon Musk as Minister of Government Efficiency after Donald Trump is elected president
The next phase of our journey begins now
Come join us on this journey as Elon and DOGE move forward…
— Department of Government Effectiveness Communities (@doge_eth_gov) November 6, 2024
The project’s price has surged more than 500% in a week. However, the most dramatic surge occurred in the last day and a half or so, when Elon Musk made a move by discussing his plans for the new division.
Musk said the level of government waste and overspending is "shocking," so he plans to use the new department to stop it and help the economy recover.
Government Efficiency Price Forecast
Over the past 24 hours, DOGE price has been struggling to reach the $0.50 resistance level and while it has managed to climb to that level multiple times, it has not been able to break through it and turn it into support. Each rejection has pushed the coin towards the $0.40 support level but the coin has seen enough buying pressure to keep coming back and retesting the resistance.
However, its technical indicators suggest that buyers have not yet fully committed, perhaps hesitating due to Bitcoin’s recent price rejection of the new resistance level of $92,000. The coin’s Bollinger Bands are still relatively wide, but its price had previously pushed higher than the upper Bollinger Bands, but fell sharply to the lower Bollinger Bands in the past six hours. Now, it is ready to rebound, and the move has already begun.
This can also be seen from the project’s Relative Strength Index (RSI) value, which has been fluctuating around the neutral value of 50, fluctuating between 40 and 60. After following this pattern for about 18 hours, the RSI finally saw buying power increase again as the bulls began to fight back.
This could bring DOGE back to prices above $0.45 in the next few hours. However, it remains to be seen whether the project has the strength to surge to $0.50 for the third time in the past 24 hours.
