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The 12-hour Dogecoin chart shared by analyst Canton Cat (@CantonMeow) maps the double bottoms of textbooks Adam and Eve, which have been formed since early August. The trough on the left (“Adam”) is a sharp V-shaped sell-off for $0.18864. The second trough (“Eve”) is a more broad and round base engraved from late August to early September, repeatedly defending the $0.20-0.21 band, priced at 0.136 Fibonacci retracement and 0.236 level at 0.236 level.
How much does Dogecoin cost in the short term?
In the classic chart, Adam and Eve are two-stage inverted structures. Fast, vertical yield (Adam) is followed by a slower, more symmetrical, rounded retest (EVE), which often reflects absorption and base. This pattern is verified by breakouts passing through the “neckline” defined by the intervening peak between two troughs.
The measured movement is usually calculated by adding a height from the neckline to Adam Law to the neckline level. Normally, obstacles are signalled when the price closes below the valley on the night before, but quality improves when the neckline breaks with extended range and follow-through.
Related readings
The pattern’s neckline is almost perfectly in line with the 0.618 Fibonacci retracement plotted at $0.24473. On the latest 12-hour candle, Doge gathered from a rounded “Eve” base to test this band, printed a wick slightly above it, then returned to a trade of around $0.241 on the chart. It continues to push the market onto the neckline formed by the height of mid-August reaction, but it hasn’t finally been through it yet.
The traditionally measured purpose of Adam & Eve is derived from the height of the structure added to the neckline. Using Chart’s proprietary anchor, the vertical distance from the neckline is $0.18864 and the vertical distance to Adam Low is $0.05609.
Projected upward, it brings a primary price target at around $0.30082. This target is between the Fibonacci expansion clusters marked on the chart. The 1.0 extension is $0.28746, while the 1.272 extension is $0.32236, with the higher extension at 1.414 ($0.34223) and 1.618 ($0.37294).
Related readings
Fibonacci ladders also provide an overview of the short-term battlefield. Immediate resistance is a neckline of $0.24473/0.618. A clean 12-hour closing through this band will bring the previous swing area to 0.786 retracements ($0.26268) and 0.886 retracements ($0.27398) with the 1.0 marker on the chart to $0.28746.
In the pullback, 0.5 retracement ($0.23287) has a layered intermediate support followed by 0.382 ($0.22157) followed by 0.236/0.136 pocket 0.20836/$0.19976. The structural floor throughout the formation remains low in August swing at $0.18864.
In short, the analyst’s 12-hour map frame Doge is compressed under the neckline for $0.24473 after building a two-month Adam & Eve base. The measured objective of the pattern is ~$0.3008, and the chart explicitly marks subsequent Fibonacci waypoints at continuation at 0.2875, $0.3224, $0.3422, $0.3422, $0.3729, $0.2329, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216, $0.23216,
At the time of pressing, Doge traded for $0.24.
Featured images created with dall.e, charts on tradingview.com
