If you can see the content of the database, you can edit it.
PHPMyAdmin does allow that.
so just delete the contents of the password for the admin login.
then type, in plain english, a new one.
have phpmyadmin update the db.
view it, the password should be encrypted.
head to the website and login with new password.
if it doesn't encrypt it, then remove the contents, and head to the site and login with no password and change it through the site script.