DOGE Price Skyrockets 309% in a Week Amid Speculation Elon Musk Will Head a Department of Government Efficiency

The Department Of Government Efficiency price has soared 309% in the past week and 52% in the last 24 hours to trade at $0.1663 as of 9:20 p.m. EST on a 70% pump in trading volume to $33 million.

The Department Of Government Efficiency price has soared 309% in the past week and 52% in the last 24 hours to trade at $0.1663 as of 9:20 p.m. EST on a 70% pump in trading volume to $33 million.

The sharp rise follows Donald Trump’s landslide win in the US election, and comes amid speculation that he may appoint Elon Musk to head a Department of Government Efficiency (DOGE).

The pump made DOGE the top gainer among meme coins over the past week, according to CoinGecko.

Department Of Government Efficiency Price: A Parabolic Curve

The daily DOGE/USD pair shows a dynamic price structure, marked by a consolidation phase followed by a powerful parabolic rise. Initially, from mid-September to late October, DOGE/USD lingered in a low-volatility range of around $0.01 to $0.02.

According to data from GeckoTerminal, this consolidation phase indicates a period of market indecision, where neither buyers nor sellers dominated, resulting in sideways price movement. However, the price sharply broke out of this range, forming a parabolic curve that signals a strong bullish trend.

The parabolic rise led DOGE/USD to peak at around $0.165, where it encountered resistance. This caused the price to pull back slightly to the $0.15 level, a potential sign of profit-taking by early buyers.

DOGEUSD Analysis Source: Dextools.io

The moving averages further support the bullish outlook. The 50-day moving average (currently at $0.0338) lies well below the price, reflecting strong upward momentum. When the price moves far above this shorter-term average, it typically indicates robust buying pressure and prevailing bullish sentiment. The 50-day moving average serves as a vital support level during this upward trend.

Department Of Government Efficiency Price Indicators Signal Short-Term Correction

Momentum indicators like the MACD (Moving Average Convergence Divergence) reinforce this positive trend. The MACD line, at 0.0251, is well above the signal line (0.0140), confirming strong bullish momentum. The growing separation between these lines and the presence of prominent green bars on the histogram signal increasing buying pressure, which aligns with the sharp parabolic price action seen recently.

However, the RSI (Relative Strength Index) indicates caution. At 77.7, the RSI has entered overbought territory (above 70), suggesting that DOGE/USD may be overextended in the short term. An overbought RSI often signals a potential peak, hinting that a pullback or consolidation phase could soon occur as buyers may start to reduce their positions.

The recent high at $0.165 now acts as immediate resistance. A breakout above this level could signal further upward movement, potentially leading to new highs.

On the downside, support is distant, with the 50-day moving average at 0.0338 USD. However, if the price undergoes a correction, a closer support level may emerge around the recent breakout point near 0.10 USD.

Crypto All-Stars Presale Blasts Past $3.2 Million – Best Presale To Buy Now

As the Department of Government Efficiency price surges, investors looking for new opportunities might also consider Crypto All-Stars (STARS), which has just surged past $3.2 million in funds raised in its presale.

According to 99Bitcoins, a prominent crypto channel on YouTube with over 706K subscribers, $STARS has the potential to soar 100X after its launch.

Crypto All-Stars is an innovative project that allows investors to stake meme coins on a single platform for the first time while earning rewards in STARS tokens.

It will support 11 top meme coins from its launch: PepeCoin, Dogecoin, Shiba Inu, Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk. And additional meme coins will be added in the coming months.

The roadmap is packed with exciting milestones! 📅

Phase 3 introduces “Unlocking The Vault” with the launch of the Meme Vault Network. Staking will be at the forefront, along with ecosystem expansion.

— web3telepath (@web3telepath) August 15, 2024

In addition to staking top meme coins, investors can also stake the native STARS token for a huge 494% annual percentage yield (APY).

Currently, the token is priced at $0.0015556 and it can be bought with BNB, USDT, or a bank card.

With a price increase due in less than 3 days, don’t wait too long to secure the best deal.

Visit the the official STARS website here.