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The Department of Government Efficiency price surged 40% in the last 24 hours to trade at $0.1345 as of 03:23 a.m. EST on trading volume that skyrocketed 123% to $13.6 million.
This surge comes as President-elect Donald Trump said he has not ”ceded” the presidency to Elon Musk.
Trump’s remarks follow speculation over Musk’s unprecedented role in shaping policy and his potential conflicts of interest as co-chair of the new Department of Government Efficiency.
Department Of Government Efficiency Price Aiming For A Bullish Trend Reversal
The DOGE price chart analysis on the 4-hour timeframe reflects recent price action that showcases a mixture of bearish momentum transitioning into potential consolidation or reversal. The chart demonstrates a clear downtrend since mid-November, evidenced by the consistent formation of lower highs and lower lows within a falling wedge pattern in December.
However, recent price action near $0.13 shows a potential breakout attempt above the descending trendline, according to Geckoterminal data, signalling a possible shift in momentum.
As the price of the Department of Government Efficiency moves towards a recovery, it has breached the 50-day Simple Moving Average (SMA), as it aims to surge to the 200-day SMA, which now acts as the immediate resistance at $0.2127.
The Relative Strength Index (RSI) is hovering around 57.74, above the neutral 50 level. This suggests improving bullish momentum, as the RSI has exited oversold conditions and is approaching a moderately strong zone. A further move above 60 could strengthen bullish sentiment.
If DOGE price manages to break and sustain above the falling wedge, the next target could be $0.15, followed by a potential push toward the $0.18–$0.20 resistance zone.
Failure to sustain above the $0.1313 level (50-day SMA) and a rejection near the channel’s upper boundary could lead to a retest of the $0.11 support level. A breakdown below this support could see the Department of Government Efficiency price falling to new lows near $0.10 or $0.09.
As investors pile into the Department of Government Efficiency, they are also buying the new Solana rival Solaxy (SOLX), which 99Bitcoins, a popular crypto channel on YouTube with over 719K subscribers, says might soar 100x after launch.
Solaxy Presale Surges Past $4.5 Million
The Solaxy token presale has already raised over $4.5 million in a little more than a week. Solaxy is building a Solana Layer 2 protocol that bears down on the congestion and failed transactions impacting the performance of Solana, one of the largest blockchains in the industry.
By bridging the two most used and valuable blockchains, Solana and Ethereum, Solaxy leverages the best of both worlds, enhancing the speed and cost advantage of Solana and the liquidity and security of Ethereum.
🚨 Solaxy is now live in Upcoming Tokens! 🚨@SOLAXYTOKEN gives holders an opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is set to enhance blockchain innovation through limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
— Best Wallet (@BestWalletHQ) December 17, 2024
The native token of the Solaxy network, $SOLX, is multi-chain, so it pulls activity and buyers from both the Ethereum and Solana chains and provides a path of entry into both blockchain ecosystems.
By buying and holding SOLX, users can also earn passively through the platform’s staking mechanism, which offers a sky-high annual yield of 862%.
Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens at the current price of $0.001576 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in slightly more than a day to secure the best deal.
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