Dogecoin, the meme-inspired cryptocurrency that has captured the imagination of investors and internet users alike, is currently flirting with an intriguing chart pattern that could signal a major price breakout. The pattern in question, known as the “Adam and Eve” double-bottom, has been forming on Dogecoin’s 12-hour chart since early August, sparking speculation about its potential price trajectory. This pattern, identified by analyst Cantonese Cat (@cantonmeow), could provide a roadmap for where Dogecoin is headed next.
Understanding the Adam and Eve Pattern
The Adam and Eve pattern is a classic charting formation often observed in technical analysis. It consists of two distinct troughs: a sharp, V-shaped selloff known as “Adam,” followed by a broader, more rounded base labeled “Eve.” These troughs represent a two-stage reversal structure that typically precedes a significant price move. In this case, Dogecoin’s “Adam” trough occurred in early August, with the price plummeting to a swing low of $0.18864. The subsequent “Eve” trough formed more gradually, with the price stabilizing around the $0.20 to $0.21 range throughout late August and early September.
For the pattern to be validated, a breakout through the “neckline” — the peak between the two troughs — is necessary. This neckline has been identified near the 0.618 Fibonacci retracement level at $0.24473. As of today, Dogecoin is trading around $0.241, tantalizingly close to this critical resistance point. A decisive break above the neckline could see Dogecoin embarking on a bullish run.
Price Target and Potential Trajectory
If Dogecoin successfully clears the neckline, the pattern’s measured move suggests a potential price target of approximately $0.30082. This target is calculated by adding the height from the neckline down to the Adam low, and it sits comfortably within the Fibonacci extension cluster on the chart. Key levels to watch include the 1.0 extension at $0.28746 and the 1.272 extension at $0.32236, with additional upward targets at the 1.414 ($0.34223) and 1.618 ($0.37294) extensions.
However, it’s important to note that these targets are not set in stone. The market will likely encounter resistance at various Fibonacci levels along the way, including the 0.786 retracement at $0.26268 and the 0.886 retracement at $0.27398. Each of these levels represents a potential battleground where bullish momentum may be tested.
Risks and Support Levels
As with any technical setup, there are risks involved. If Dogecoin fails to maintain a close above the neckline, the pattern could be invalidated, leading to a potential retracement. Key support levels to monitor in such a scenario include the 0.5 retracement at $0.23287, the 0.382 retracement at $0.22157, and the critical 0.236/0.136 pocket at $0.20836/$0.19976. The ultimate structural floor remains the August swing low of $0.18864.
Broader Market Context
This potential breakout comes amid a backdrop of increased interest in Dogecoin and meme coins in general. While some analysts remain skeptical of Dogecoin’s long-term viability, others point to its vibrant community and ongoing development efforts as reasons for optimism. The possibility of a Dogecoin ETF launching soon, as speculated by some experts, could further bolster its appeal.
As always, investors should approach the market with caution. While technical patterns like the Adam and Eve can provide valuable insights, they are not foolproof. Market conditions, news events, and broader cryptocurrency trends all play a role in determining price movements.
Conclusion
In summary, Dogecoin’s current chart pattern presents both exciting opportunities and potential pitfalls. The Adam and Eve double-bottom suggests a bullish breakout could be on the horizon, with a primary price target of around $0.30082. However, traders should remain vigilant, watching for confirmation through the neckline and monitoring key support levels. As Dogecoin continues to navigate this crucial phase, the coming days and weeks could prove pivotal for its price trajectory. With the cryptocurrency market’s inherent volatility, anything is possible.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
