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The Department of Government Efficiency price plunged 5% in the last 24 hours to trade at $0.2359 as of 4.20 a.m. EST on trading volume that surged 70% to $25.58 million.
The DOGE price is now down 40% on a weekly basis from last Wednesday’s price of $0.396 to its current price of $0.23. The token corrected alongside the rest of the market in a Bitcoin-led drop that initially pushed BTC to the value of $87k.
Since then, as BTC fluctuated between this support and a resistance at $92k, so did DOGE go up and down between $0.20 and $0.40.
However, since the start of this week, the token has been dropping despite the recent hype surrounding Donald Trump’s Department of Government Efficiency, co-led by Elon Musk.
But, after finding its bottom at $0.20, the token appears ready to bounce back up, which is also in line with Bitcoin’s current performance, which sent the coin back to a new all-time high.
It is also worth noting that DOGE was expected to see a new listing on WEEX today, scheduled for 10 a.m. UTC.
WEEX Announcement ⚠️
🔔$DOGEGOV (@doge_eth_gov ) Spot Listing Postponed
⏳ Listing Time: Nov 20, 2024, 10:00 (UTC)
Read More: https://t.co/xt6YgTn9Zq
Stay tuned for updates🙏#WEEX #DOGEGOV pic.twitter.com/WYKdbBEp5F
— WEEX (@WEEX_Official) November 20, 2024
Department of Government Efficiency Price Prediction
While the token’s 24-hour performance is currently still in the red, DOGEGOV actually started recovering several hours ago. As of the time of writing, its price is struggling against a resistance at $0.24, but several technical indicators suggest that there is still room for growth.
In other words, from a technical point of view, DOGEGOV could continue growing, the only question is whether the market sentiment will allow it.
The project’s Bollinger bands have widened significantly compared to their state from around 4-5 hours prior to the time of writing, which is a bullish sign. Also, the price, which was stuck halfway between the bands, has since climbed back up to the upper band, pushing it further up.
Then, there is the project’s Relative Strength Index (RSI), which ended the day yesterday fluctuating between the value of 40 and 50, still in the neutral zone, but closer to the oversold area.
The last several hours have pushed the RSI back into the positive part of the neutral zone, meaning closer to the overbought sector. Over the last 4 hours, the RSI fluctuated between the value of 60 and 65, roughly, suggesting that traders have been bullish, but have maintained certain weariness that prevented them from engaging too strongly and pushing the RSI to the overbought zone with their buying pressure.
Still, this suggests that there is still room for growth. It is also worth noting that many of the altcoins are moving from trading in the red to trading in the green, led by Bitcoin’s 2% surge in the last 24 hours, which finally allowed the coin to go beyond $93k once more, currently at $93.3k.
However, Bitcoin has also started struggling at this level, which DOGEGOV is mirroring with its price just under $0.24.
Promising Alternative to Department of Government Efficiency
While DOGE struggles, some other projects with strong connections to US politics have been blowing up recently, including FreeDum Fighters (DUM).
The presale project began its journey as a satirical overview of the US presidential election, featuring mechanized versions of Trump and Harris, which were locked in an epic showdown. The project allowed those who bought its native token, DUM, to stake it into one of two reward pools belonging to the two combatants.
It also introduced an interesting mechanic that the pool with fewer supporters would provide larger staking rewards, as its goal was for the community to abandon their loyalties and play both sides for their own gain.
Now that the election is over, however, the project revealed its long-term potential by introducing other political figures that users can vote for.
DOGE is on his way to the FreeDum Fighters' universe to instill the same ethos as Trump's Department of Government Efficiency.
Are you ready to be efficient or will you let Kamacop run rampant? pic.twitter.com/63CWlnVJDX
— FreeDum Fighters (@Freedum_Fighter) November 15, 2024
Not only that, but it will also turn MAGATRON and KAMACOP, initially the two combatants, into parties that these new political figures will be able to join, and allow stakers to vote for them, debate their stance and opinions, and more.
New political battles will follow, too, with new characters. Dark MAGA, represented by a satirical version of Elon Musk, has already made an appearance in the project’s art.
ClayBro, a crypto YouTuber with over 131k subscribers, predicted that FreeDum Fighters has the ability to soar 150% after its launch.
The project is closing in on $600k raised in its presale and DUM tokens are selling for $0.000085 apiece.
Buy before a price increase in about 1 day to secure the best deal.
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