Elon Musk has publicly retreated from his confrontation with President Trump, characterizing his own remarks as having gone 'too far.' Following this development, Dogecoin (DOGE) experienced a price spike of over 6%, now trading at $0.2036, as traders reacted to Musk's public apology and the surrounding rivalry between two influential figures.
Musk's statement, posted on X, acknowledged that some of his recent posts crossed a line, which instantly prompted market activity. This resulted in a 24% increase in trading volume for DOGE, now hitting $1.61 billion. On a technical level, DOGE appears to be in a position of short-term strength with the Relative Strength Index (RSI) nearing 70 on the two-hour chart, suggesting it may be getting overbought. The 30-minute chart shows an even higher RSI of 74, and indicators like MACD indicate bullish momentum. Currently, DOGE is testing resistance at $0.205; breaking through that could lead to a move toward $0.22, with support holding at $0.1983.
The dispute began when Musk criticized Trump’s 'One Big Beautiful Bill,' unleashing a wave of contentious exchanges on social media that escalated quickly. The conflict dredged up various political issues, including accusations involving government contracts and past controversies, making for a highly publicized feud.
While the fallout could have serious implications for Musk’s business standing, the immediate spike in Dogecoin's price suggests traders are responding positively to Musk's change in tone. As the situation unfolds, the risks for Musk may outweigh those for Trump, especially as Trump had previously committed $3 billion in federal contracts to Musk’s enterprises that now appear uncertain.
In a further complication, Musk recently stepped down from a role overseeing Dogecoin, a position associated with Trump's administration, which adds another layer to this intricate political and financial landscape. With rising scrutiny on Musk amid regulatory challenges and potential rival intervention in U.S. policies, this incident highlights the volatile intersection of cryptocurrency and politics. The effects of this high-profile feud are likely far from over for both Dogecoin and Musk's broader business interests.
Musk's statement, posted on X, acknowledged that some of his recent posts crossed a line, which instantly prompted market activity. This resulted in a 24% increase in trading volume for DOGE, now hitting $1.61 billion. On a technical level, DOGE appears to be in a position of short-term strength with the Relative Strength Index (RSI) nearing 70 on the two-hour chart, suggesting it may be getting overbought. The 30-minute chart shows an even higher RSI of 74, and indicators like MACD indicate bullish momentum. Currently, DOGE is testing resistance at $0.205; breaking through that could lead to a move toward $0.22, with support holding at $0.1983.
The dispute began when Musk criticized Trump’s 'One Big Beautiful Bill,' unleashing a wave of contentious exchanges on social media that escalated quickly. The conflict dredged up various political issues, including accusations involving government contracts and past controversies, making for a highly publicized feud.
While the fallout could have serious implications for Musk’s business standing, the immediate spike in Dogecoin's price suggests traders are responding positively to Musk's change in tone. As the situation unfolds, the risks for Musk may outweigh those for Trump, especially as Trump had previously committed $3 billion in federal contracts to Musk’s enterprises that now appear uncertain.
In a further complication, Musk recently stepped down from a role overseeing Dogecoin, a position associated with Trump's administration, which adds another layer to this intricate political and financial landscape. With rising scrutiny on Musk amid regulatory challenges and potential rival intervention in U.S. policies, this incident highlights the volatile intersection of cryptocurrency and politics. The effects of this high-profile feud are likely far from over for both Dogecoin and Musk's broader business interests.
