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Crypto trader Josh Olszewicz – better known to chart-watchers by his handle @CarpeNoctom – has taken the old equities adage “Sell in May and go away” and given it a canine twist. On Monday he posted a one-day Ichimoku chart of DOGE/USD stamped 28 April 2025, adding the quip: “DOGE in May and Walk Away?” Behind the word-play sits a price map that highlights the market’s make-or-break zone as the meme coin drifts toward the seasonally tricky month of May.
Sell Dogecoin In May?
Olszewicz annotates the February–April basing action with the classical letters S-H-S?, marking a potential inverse head-and-shoulders. The left shoulder formed in mid-March just above $0.14; the head spiked to roughly $0.13 on 7 April; the market is now probing for a right-shoulder low near $0.17-0.18.
A duo of dotted trend-lines defines a downward-sloping neckline that currently intersects the price axis in the $0.185–0.195 area. A daily close above that band would validate the reversal pattern; the measured-move objective, taken conservatively from the head ($0.14) to the neckline ($0.185), implies upside toward $0.23. The white reference line drawn at $0.28181 marks a prior horizontal supply shelf – and, not coincidentally, the mid-June projection of Senkou-span resistance – offering a secondary target if the pattern plays out in full.
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The chart also employs modified Ichimoku settings (20, 60, 120, 30), widening the lens to suit crypto’s volatility. At Monday’s close Dogecoin sits at $0.17533, wedged between a rising Tenkan-sen at $0.16471 and a flat Kijun-sen at $0.18593. Price below the baseline keeps the longer-term signal bearish, yet the Tenkan flipping beneath price hints at near-term momentum.
Forward-projected thirty periods, the cloud itself is bearishly red with its lower boundary (Senkou Span A) beginning at $0.20825 and its upper boundary (Senkou Span B) flat at $0.31392.
In other words, even a neckline break would deliver Dogecoin straight into a $0.21–0.31 supply zone that has capped every rally since early January’s cascade. Bulls therefore face a two-step job: first reclaim the neckline and Kijun, then chew through a month-deep overhang of supply inside the Kumo.
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The maxim Olszewicz riffs on – “Sell in May and go away” – stems from centuries-old seasonality in equities, warning of weak summer performance. By substituting DOGE for sell, he floats the contrarian idea that the dog coin itself might be the asset investors walk toward, not away from, in a traditionally lethargic period. Technically that thesis hinges on bulls forcing a breakout in the opening weeks of May, before the neckline descends further and the cloud thickens.
Failure to do so would leave the pattern unconfirmed, keep price imprisoned beneath the Kijun, and preserve the prevailing down-trend that began with January’s blow-off above $0.48. Support then rests first at the Tenkan ($0.165), with March’s capitulation wick near $0.14 as the final line in the sand.
At press time, DOGE traded at $0.178.
Featured image created with DALL.E, chart from TradingView.com
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