Dogecoin rises sharply as Elon Musk retracts his criticism of Trump, saying he has "gone too far".

The billionaire entrepreneur, who has spent the past week escalating a heated online feud with Trump, took to X to issue a rare apology, acknowledging that his comments "went too far." "I regret some of my posts about President Donald Trump last week. They went too far," Musk wrote early Wednesday on the platform he owns. Six days of tense exchanges between Musk and Trump This reversal comes after six days of heated debate stemming from Musk's attack on Trump's "big, beautiful bill," which he described as "a disgusting atrocity." The spending package, passed with support from both parties, has faced sharp criticism from Musk, who urged the public to pressure lawmakers to "KILL THE BILL." Trump responded by calling Musk's actions "disappointing" and questioning his loyalty, leading to a series of increasingly personal attacks between the two, including implications regarding SpaceX contracts and shocking allegations related to the late Jeffrey Epstein. Musk even shared an old video of Trump and Epstein together, further igniting the wave of criticism.

The back-and-forth battle escalated on their respective platforms, X and Truth Social, reaching a peak when Trump threatened to cancel the contract with Musk's government and Musk posted a rebuttal, implying that he would halt SpaceX's Dragon spacecraft operations. The conflict has attracted widespread attention, as Trump's former strategist Steve Bannon called for the expulsion of Musk and late-night television turned the incident into a topic of discussion. However, the discord between Musk and Trump has since been overshadowed by the massive protests in Los Angeles regarding Trump's immigration policy and his deployment of the National Guard. While the political battle dominates the headlines, DOGE continues to recover quietly. Memecoin, often regarded as a representation of the public's sentiment towards Musk, has increased by over 6.60% in the past 24 hours, with a market capitalization rising to $30.37 billion, according to CoinMarketCap. The trading volume also increased by 24%, reaching $1.61 billion, signaling a recovery in retail activity. Dogecoin is approaching overbought conditions Dogecoin is trading at $0.2036 with a modest increase on the day, supported by rising volume and technical indicators showing bullish momentum. On the 2-hour chart, the RSI indicator is hovering near the 70 level, indicating that overbought conditions are approaching, while the MACD indicator shows a bullish crossover above the zero line, suggesting that the upward momentum remains intact. The Bollinger Bands are expanding, indicating increased volatility and the price is testing the upper band near $0.204.

On the 30-minute chart, DOGE has risen above the middle line of the Bollinger Bands, while the RSI has increased above 74, confirming short-term buying pressure. However, the overbought signal on both the hourly timeframe and lower ones suggests the possibility of a pullback or consolidation in the future. On the 1-minute chart, DOGE seems to be stabilizing, with the RSI near 58 and the MACD moving sideways. The immediate support level is at 0.1983 dollars, while the resistance level is at 0.205 dollars. A clear breakout above the 0.205 dollar level could open the door to test the 0.22 dollar level.