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 stance that could trigger a further decline towards $0.15.
Dogecoin price risks drop to $0.16 with the Double Top Adam and Eve pattern
In one TradeView postTripy revealed that this is a classic Adam and Eve pattern has formed for the Dogecoin price. The analyst cautioned that market participants may see volatility around the downturn, but the pattern rarely backfires. His accompanying chart showed that DOGE could see a decline to $0.16 due to this double top pattern.
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Tripy also revealed that the MACD and volume are declining, indicating that a sell-off is coming for the Dogecoin price. On the plus side, the analyst expects DOGE to recover from the $0.16 range. The sell-off of the major meme coin is underway, with DOGE posting a significant drop yesterday Bitcoin fell below $100,000 for the second time this month.
Crypto analyst XAU drew a bearish stance towards $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) within a 3-hour time frame. The analyst further explained this after a short letter consolidation phaseprice continues to follow the downtrend, indicating a lack of bullish strength.
Notably, Dogecoin price had attempted a small upward correction towards the psychological level of $0.2 but failed to regain the zone. As a result, XAU has warned that this could trigger a sharp decline towards the $0.15 level, which will confirm the continuation of the broader bearish trend. The analyst added that momentum remains weak and sellers continue to dominate short-term rallies, pointing to further downward pressure.
DOGE returns to a wider wedge
In one X messagecrypto analyst Trader Tardigrade revealed that the Dogecoin price has re-entered the broader wedge after a ‘Spring Action’. He added that this pattern was last seen in 2024, just before a huge surge. Its accompanying chart showed that DOGE could still rise to $0.8 despite the current bearish price action. A rally to this level would mark a new era all-time high (ATH) for the main meme coin.
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In the short term, Trader Tradigrade indicated that the Dogecoin price could regain the $0.2 level. He stated that DOGE has returned to its previous level as the RSI indicates a breakout of a trend line. Its accompanying chart showed that DOGE could reach $0.26 after regaining the $0.2 level.
At the time of writing, the Dogecoin price is trading around $0.163, down more than 5% in the past 24 hours, according to facts from CoinMarketCap.
Featured image of Peakpx, chart from Tradingview.com