Dogecoin (DOGE) experienced a significant uptick of over 6% on Wednesday, reaching a price of $0.2029. This increase followed Elon Musk’s apology regarding his highly publicized feud with U.S. President Donald Trump.
Key Highlights:
- Dogecoin’s value surged after Musk expressed remorse for his confrontational remarks about Trump.
- The six-day online exchange between Musk and Trump involved personal jabs and political ramifications.
- The DOGE rally was bolstered by a 24% increase in trading volume, signaling a renewed interest from retail investors.
The tech billionaire, who had recently intensified a contentious online rivalry with Trump, took to X to publicly acknowledge that his comments “went too far.”
“I regret some of my posts about President Donald Trump last week. They went too far,” Musk stated in a post early Wednesday morning on the platform he owns.
A Week of Tension Between Musk and Trump
This reconciliation comes after a week of heated exchanges triggered by Musk criticizing Trump’s “Big, Beautiful Bill,” labeling it as “a disgusting abomination.”
Trump’s spending proposal received bipartisan support but faced heavy criticism from Musk, who urged the public to pressure lawmakers to “KILL the BILL.”
In response, Trump deemed Musk’s actions “disappointing” and questioned his loyalty, igniting a series of increasingly personal attacks between the two, which included mentions of SpaceX contracts and unverified allegations concerning the late Jeffrey Epstein.
Musk even shared an old video featuring Trump and Epstein, further escalating the situation.
Did Trump censor Elon Musk? And where are the Epstein files? https://t.co/jePD2ZV8UJ
— Anonymous (@YourAnonCentral) June 11, 2025
The argument intensified on their respective platforms, X and Truth Social, with Trump threatening to revoke Musk’s government contracts and Musk suggesting he might decommission SpaceX’s Dragon spacecraft in retaliation.
This public feud attracted considerable attention, with figures like former Trump strategist Steve Bannon calling for Musk’s deportation, and late-night talk shows using the rivalry as comedic material.
Despite the political turmoil, protests erupted in Los Angeles over Trump’s immigration policies and the use of the National Guard, shifting media focus away from the Musk-Trump conflict.
While the political drama unfolded, DOGE made noteworthy gains.
The memecoin, frequently considered a reflection of Musk’s public sentiment, saw an increase of over 6.60% in the last 24 hours, with its market cap now at $30.37 billion, according to CoinMarketCap. Trading volume also rose by 24%, reaching $1.61 billion, indicating a resurgence in retail engagement.
Technical Analysis of Dogecoin
Currently, Dogecoin is trading at $0.2036, exhibiting modest intraday gains supported by rising trading volume and technical indicators signaling bullish momentum.
On the 2-hour chart, the Relative Strength Index (RSI) hovers near 70, approaching overbought territory, while the Moving Average Convergence Divergence (MACD) shows a bullish crossover above the zero line, suggesting that upward momentum remains strong.
The Bollinger Bands are widening, indicating increasing volatility as the price tests the upper band near $0.204.
Analysis of the 30-minute chart reveals that DOGE has moved above the midline of its Bollinger Bands, with the RSI surpassing 74—indicating short-term buying pressure.
Nonetheless, overbought signals on both hourly and shorter timeframes suggest the possibility of a pullback or consolidation soon.
On the 1-minute chart, DOGE appears to be stabilizing, with the RSI around 58 and the MACD showing signs of flattening.
Immediate support is identified at $0.1983, while resistance stands at $0.205. A sustained breakout above $0.205 could pave the way for a challenge of the $0.22 mark.
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