The Department of Government Efficiency price soared 38% in the last 24 hours to trade at $0.2479 as of 09:23 p.m. EST on trading volume that surged 53% to $32.7 million, according to CoinGecko.
Department of Government Efficiency Price On A Bullish Trend Reversal
The DOGE/USDT chart shows an earlier strong bullish rally (around early November) followed by a consolidation phase, forming a descending triangle. These patterns often indicate potential continuation of the prior bullish trend upon breakout.
The Department of Government Efficiency price has recently broken out above the descending triangle’s upper trendline around $0.22, suggesting a bullish continuation.
Additionally, the DOGE price is also above the 200-day Simple Moving Average (SMA), which confirms a longer-term bullish trend. The 50-day SMA remains above the 200-day SMA, reinforcing a bullish market structure.
The Relative Strength Index (RSI) is slightly below the overbought region (70), indicating there is still room for upward momentum without entering overbought conditions. This level is bullish but not yet overheated, suggesting the breakout has strength.
Meanwhile, the Moving Average Convergence Divergence (MACD) is in bullish territory, with the MACD line crossing above the signal line recently. This crossover confirms bullish momentum. The increasing histogram bars further indicate strengthening bullish pressure.
A continuation of the current upward trend could force the price of Department of Government Efficiency towards a sustained breakout towards a bullish trend reversal. In this scenario, the DOGE price could soar even further, as the bulls target the $0.37 resistance.
DOGE/USDT Chart Analysis (Source: Tradingview)
In a bearish scenario, however, the Department of Government Efficiency price could plunge back to the lower boundary of the triangle and within the 200-day SMA at $0.1839.
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