• Shiba-Inu-themed cryptocurrencies Dogecoin and Shiba Inu continue to underperform, as the broader crypto market is hit by bloodbath. 
  • Iconic rapper Ice Cube recently jumped in on the Dogecoin bandwagon endorsing a historical DOGE transaction. 
  • Analysts predicted a recovery in Dogecoin price as DOGE moves above support level at $0.1245. 

Dogecoin price witnessed a sharp decline in the crypto market bloodbath. The meme coin’s price hit its lowest level since April 25, 2022. An iconic rapper has shown interest in the Dogecoin price trend and fueled a bullish sentiment among investors. 

Dogecoin price could recover amid market-wide crash 

Dogecoin, Shiba Inu and altcoins are bleeding amidst a crypto market crash triggered by fears of recession and rising inflation in the global economy. The Shiba-Inu-themed cryptocurrencies plunged to their lowest point over the past two week period. 

Dogecoin price has wiped out holders gains with 5.2% losses overnight. Proponents believe a rapper and influencer’s recent interest in DOGE could fuel bullish sentiment among investors. 

O’Shea Jackson Sr. a legendary rapper, also known as Ice Cube endorsed a historical DOGE transaction. The transaction is related to BIG3, a basketball-league co-founded by Ice Cube. BIG3 features former NBA stars and is popular among basketball fans. 

Ice Cube recently announced Snoop Dog’s purchase of two teams in BIG3. Co-founder of MyDoge wallet tweeted: “If ya dig DOGE, me and the DogeArmy will take one as well.” Bill Lee came out in support of Ice Cube’s interest in DOGE

Ice Cube’s endorsement of Dogecoin on Twitter could fuel a bullish sentiment in the the community. 

Dogecoin price has been on a downtrend for roughly a year and has crashed nearly 85% from its all-time high of $0.740. This steep correction set a swing low at $0.107 in late February, indicating sellers had lost control.

During its move south, DOGE created three distinctive lower highs and lower lows, which when connected using trend lines form a falling wedge pattern. This technical formation forecasts that a spike in buying pressure which could result in a 68% breakout to $0.22.



Dogecoin price must remain trading above the $0.107 support level for the optimistic outlook to be validated. Failing to do so could generate panic among traders encouraging them to exit their long positions. The potential spike in selling pressure could then push DOGE to a new yearly low of $0.062.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

NEAR protocol could see a rally as it sets out to launch an AI smart contract builder

NEAR protocol could see a rally as it sets out to launch an AI smart contract builder

Near protocol (NEAR) co-founder Illia Polosukhin stated in a social media post on Wednesday plans for NEAR to launch NEAR AI, a user-owned AI system that will allow users to build web3 apps without code on an end-to-end network.

More Near News

US House of Reps passes bill aiming to regulate cryptocurrencies

US House of Reps passes bill aiming to regulate cryptocurrencies

FIT21 bill received massive support as the House of Representatives voted to pass the bill on Wednesday. The White House and US Securities & Exchange Commission (SEC) Chair, Gary Gensler, expressed concerns about the potential impact of the FIT21 bill on investor protections in a statement.

More Cryptocurrencies News

Ethereum bulls await ETF approval as BlackRock, Bitwise, Grayscale submit amended ETH ETF filings

Ethereum bulls await ETF approval as BlackRock, Bitwise, Grayscale submit amended ETH ETF filings

Ethereum (ETH) is trading sideways on Wednesday as BlackRock, Bitwise and Grayscale submitted their amended 19b-4s filings to the Securities & Exchange Commission (SEC). The agency has also begun conversations with issuers on S-1s applications.

More Ethereum News

As Ethereum spot ETF approval nears, these altcoins could explode

As Ethereum spot ETF approval nears, these altcoins could explode

It is not surprising that altcoins related to Bitcoin saw a major rally post-Bitcoin spot ETF approval. Likewise, tokens closely related to Ether could ride the ETF approval wave. Ethereum Classic, Pepe, Floki and other DeFi tokens could gain momentum as the ETH ETF approval deadline nears. 

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

Read full analysis