Crypto analyst Tripy has highlighted a double-top Adam and Eve pattern that could send the Dogecoin price as low as $0.16. Meanwhile, crypto XAU has also highlighted a bearish setup that could spark a further decline to $0.15.
Dogecoin Price Risks Drop To $0.16 With Double Top Adam And Eve Pattern
In a TradingView post, Tripy revealed that a classic Adam and Eve pattern has formed for the Dogecoin price. The analyst warned that market participants may see volatility around the breakdown, but that the pattern rarely fails. His accompanying chart showed that DOGE could suffer a decline to as low as $0.16 due to this double top pattern.
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Tripy also revealed that the MACD and volume are falling, indicating that a sell-off is coming for the Dogecoin price. A positive is that the analyst expects DOGE to rebound from the $0.16 range. The sell-off in the foremost meme coin is underway, with DOGE recording a significant decline yesterday as Bitcoin dropped below $100,000 for the second time this month.
Crypto analyst XAU drew a bearish setup toward $0.15 for the Dogecoin price. He noted that DOGE remains under strong bearish pressure, following multiple Breaks of Structure (BOS) and Market Structure (MSS) on the 3-hour timeframe. The analyst further stated that after a brief consolidation phase, the price continues to respect the descending trend, indicating a lack of bullish strength.
Notably, the Dogecoin price had attempted a minor upward correction toward the psychological $0.2 level but failed to reclaim the zone. As a result, XAU has warned that this may trigger a sharp drop toward the $0.15 level, which will confirm continuation of the broader bearish trend. The analyst added that momentum remains weak and sellers continue to dominate short-term rallies, indicating further downside pressure.
DOGE Reenters Broadening Wedge
In an X post, crypto analyst Trader Tardigrade revealed that the Dogecoin price has reentered the broadening wedge after a “Spring Action.” He added that this pattern was last seen in 2024, just before a massive surge. His accompanying chart showed that DOGE could still rally to $0.8, despite the current bearish price action. A rally to this level would mark a new all-time high (ATH) for the foremost meme coin.
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In the short term, Trader Tradigrade indicated that the Dogecoin price could reclaim the $0.2 level. He stated that DOGE has returned to the previous level as the RSI indicates a breakout of a trendline. His accompanying chart showed that DOGE could reach $0.26 after reclaiming the $0.2 level.
At the time of writing, the Dogecoin price is trading at around $0.163, down over 5% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Peakpx, chart from Tradingview.com
