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The Department of Government Efficiency price plunged 16% in the last 24 hours to trade at $0.01378 as of 04:53 a.m. EST, with trading volume dropping 43% to $2.2 million.
This drop in the DOGE price comes as Elon Musk and seven members of his Department of Government Efficiency (DOGE) were interviewed on Thursday evening on Fox News.
They defended their efforts amid public backlash and concerns over cuts to key government agencies.
JUST IN: Watch FULL 30-Minute Interview of Elon Musk and DOGE Team with Fox News. pic.twitter.com/umuCgGvwCO
— WhaleWire (@WhaleWire) March 27, 2025
Is Department Of Government Efficiency Price Nearing A Breakout?
The DOGE price has been trading within a descending wedge formation for the past few months. This pattern, characterized by lower highs and lower lows, typically signals a potential bullish reversal once the Department of Government Efficiency price breaks above the upper resistance line.
According to GeckoTerminal data, the price has followed a structured wave pattern, moving from points A, B, C, and D within the wedge. This suggests the price of DOGE is coiling tighter, approaching a decision point. The narrowing price action could indicate that a breakout is imminent.
The 50 Simple Moving Average (SMA) on the 8-hour chart is currently at $0.01428, acting as a dynamic resistance. Meanwhile, the 200 SMA is much higher at $0.03788, suggesting that DOGE is still in a long-term bearish phase.
Moreover, the Relative Strength Index (RSI) is currently at 46.17, which is below the neutral 50 level. This indicates that DOGE is neither overbought nor oversold, suggesting that momentum is weak but could shift if buying pressure increases.
DOGE Price Prediction
Given the current technical setup, the Department of Government Efficiency price appears to be approaching a critical breakout point.
If the price of the Department of Government Efficiency successfully breaks above the wedge and the 50 SMA, a rally toward $0.020 – $0.025 could be expected in the short term.
However, failure to break above resistance could lead to further price compression, potentially retesting support levels near $0.012 – $0.010 before a more decisive move occurs.
Meanwhile, investors are flocking to buy a new Solana project called Solaxy (SOLX). The popular YouTube channel 99Bitcoins, with over 725K subscribers, says the crypto has the potential to soar 100X post-launch.
Solaxy Presale Raises Over $28 Million – Best Crypto To Buy Now?
Solana has been experiencing congestion problems during peak times, which makes transactions hang or fail.
Solaxy was created to fix this while improving transaction speeds and reducing fees. This is similar to what Ethereum has done with some of its Layer-2 solutions like Arbitrum and Optimism.
Another massive utility of Solaxy is that it offers the best of both Ethereum and Solana. This is because SOLX merges the benefits of Ethereum’s liquidity and growing decentralized finance ecosystem with Solana’s efficiency and speed, connecting the two most prominent crypto ecosystems in the Web3 space.
🚨 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 Solaxy presale has already garnered over $28.2 million. Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.001676 each using BNB, ETH, USDT, or a bank card.
The project’s presale staking program also offers token holders a huge 144% APY. Anyone looking to buy SOLX at the best rate will want to hurry, because the token’s price will increase in around 6 hours.
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