{"id":6643,"date":"2024-11-13T09:57:32","date_gmt":"2024-11-13T09:57:32","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&p=6643"},"modified":"2025-05-13T07:06:34","modified_gmt":"2025-05-13T07:06:34","slug":"doge-nov-2024","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/sv\/education\/market-insights\/chart-of-the-day\/doge-nov-2024\/","title":{"rendered":"DOGE Soars 24% After Trump Unveils Government Efficiency Department"},"content":{"rendered":"\n

DOGE <\/em>makes it into the U.S. Government! Well\u2026 sort of.<\/p>\n\n\n\n

Trump announced on Tuesday the formation of the Department of Government Efficiency (DOGE), which is to be led by Elon Musk and Vivek Ramaswamy.<\/p>\n\n\n\n

Following an official statement from the President Elect\u2019s Truth Social account, the price of DOGE soared 24% higher than its opening price \u2013 eventually closing at $0.3789.<\/p>\n\n\n\n\n\n

Accounting for just the last two weeks, DOGE\/USDT has made a ridiculous gain of more than 195%!<\/p>\n\n\n\n

So with that being said, where will DOGE be going next?<\/p>\n\n\n\n

DOGE\/USDT Narrowly Misses $0.45, Significant 2021 Level<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

With such a drastic price increase within the last two weeks, it is difficult to predict what will happen next to DOGE. On one hand, we have an obvious parabolic move to the upside, indicating that price exhaustion and a retracement is just around the corner.<\/p>\n\n\n\n

On the other hand, parabolas can often go further than expected; especially when fueled by early shorters\u2026 A short gets liquidated, which turns into a buy (pushing prices higher), which then triggers more liquidations etc, etc.<\/p>\n\n\n\n

With DOGE\/USDT narrowly missing a critical resistance level dating back to 2021, traders must be thinking about whether or not DOGE is going to blitz up higher to take out some overhead liquidity.<\/p>\n\n\n\n

DOGE\/USDT is Extremely Overbought, But No Divergences Yet<\/h2>\n\n\n\n
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Zooming into the chart, we see that DOGE is currently extremely overbought, according to the Relative Strength Index<\/a>. Currently, it sits at a value of 90.12, which exceeds the overbought zone by 30 points. However, bullish assets can stay overbought for long periods of time, and so this is by no means and indication to sell\/short DOGE.<\/p>\n\n\n\n

Rather, it\u2019d be more interesting to watch for the following scenarios:<\/mark><\/strong><\/p>\n\n\n\n