Analyst Predicts Potential Dogecoin Movement for May

Crypto trader Josh Olszewicz (@CarpeNoctom) has adapted the phrase “Sell in May and go away” to suggest a potential strategy for DOGE. His analysis highlights key price levels as DOGE approaches May, a historically challenging month.

Key Insights on Dogecoin

Olszewicz notes a possible inverse head-and-shoulders pattern forming between $0.14 and $0.18.
A neckline at $0.185–$0.195 could validate this pattern, with a target of $0.23 if confirmed.
A historical resistance level is set at $0.28181, potentially serving as a secondary target.
Current price sits at $0.17533, below critical indicators that suggest bearish momentum.
Projected boundaries indicate a supply zone between $0.21–$0.31, posing challenges for bullish movements.
The traditional idea of selling in May contrasts with a potential bullish scenario for DOGE if it can break the neckline early in May.
If DOGE fails to breach these key levels, it risks remaining within a downtrend, with support around $0.165 and $0.14.

As of now, DOGE is trading at $0.178.