Following Elon Musk's viral apology to Donald Trump, Dogecoin (DOGE) experienced a near 3% price increase, rebounding from a support level of $0.1727 to trade around $0.1992. The apology, which marked a de-escalation in the Musk-Trump feud, generated significant social buzz but did not trigger a broad retail trading surge. While derivatives traders propelled much of DOGE's momentum, retail investor participation remained muted, with sparse buying clusters noted near recent price lows according to CryptoQuant's Spot Volume Bubble Map. Increased open interest and trading volume were observed, yet the lack of widespread retail enthusiasm suggests the price rally may be a short-term spike rather than a sustained trend.
Technically, DOGE is approaching resistance near $0.2496 within a descending channel, with tightening Bollinger Bands and a flattening MACD signaling possible volatility and a potential upside breakout. However, failure to break resistance decisively could prolong downward pressure. On Binance, the long to short account ratio remains tilted towards longs, albeit with a risk of correction if resistance holds.
In parallel, Dogecoin's spot ETF approval odds were upgraded by Bloomberg analysts to 80%, indicating increasing institutional interest which could diversify DOGE’s traditional retail investor base. Such ETF developments, regulated by the CFTC, may attract larger investment portfolios.
Ethereum (ETH) also showed bullish momentum, climbing about 2.3% to near $2,880 before a slight correction. This movement is driven by optimism over regulatory clarity and inflows of $125 million into ETH-related ETFs. The approaching CLARITY Act vote may solidify Ethereum’s status as a CFTC-regulated commodity, which could remove regulatory uncertainty and unlock substantial institutional investments. ETH’s technical indicators, including a rise above its 10-day and 50-day EMAs and a Relative Strength Index (RSI) still in the neutral range, suggest further upside potential despite minor short-term caution.
While Ethereum faces competition from Solana’s more scalable ecosystem, ETH maintains dominance in institutional trust and stablecoin volume, reinforcing its leading position. Key resistance and support levels for DOGE and ETH have been identified, with investor sentiment cautiously optimistic amidst the current technical and fundamental factors.