Cryptocurrency trader Josh Olszewicz – better known to chart followers by the handle @CarpeNoctom – has taken the classic proverb “Sell in May and walk away” and turned it into a saying. On Monday, he posted a one-day Ichimoku chart of DOGE/USD stamped April 28, 2025, adding to it the quip: “DOGE in May and walk away?” Behind this pun is a price map highlighting the success or failure zone of the market as this meme coin drifts into the volatile seasonal month of May.

Sell Dogecoin in May?

Olszewicz annotates the base action from February to April with classic SHS letters, marking a potential head and shoulders reversal. The left shoulder formed in mid-March just above $0.14; the head spiked to around $0.13 on April 7; the market is currently probing the lows of the right shoulder near $0.17-0.18.

A pair of dotted trend lines identifies the descending neckline currently intersecting the price axis in the $0.185–0.195 area. A daily close above that range would confirm the reversal pattern; the measured move target, cautiously calculated from the start ($0.14) to the neckline ($0.185), implies an upward direction to $0.23.

The white reference line drawn at $0.28181 marks a previous horizontal supply zone – and, not coincidentally, is the mid-June forecast for the Senkou span resistance – providing a secondary target if the pattern fully plays out.

The chart also employs modified Ichimoku settings (20, 60, 120, 30), expanding the lens to fit the volatility of cryptocurrencies. At Monday’s close, Dogecoin was at $0.17533, situated between the rising Tenkan-sen at $0.16471 and the flat Kijun-sen at $0.18593. Prices below the baseline maintain a long-term bearish signal, but Tenkan flipping below suggests short-term momentum.

Expected over thirty periods, the cloud itself is negatively colored with the lower boundary (Senkou Span A) starting at $0.20825 and the upper boundary (Senkou Span B) flat at $0.31392.

In other words, even if the neckline is breached, it will send Dogecoin straight into the supply zone of $0.21–0.31 that has capped every price surge since early January. Therefore, the buyers face a two-step task: first, reclaim the neckline and Kijun, and then chew through the month-long supply section within Kumo.

Olszewicz's proverb is based on – “Sell in May and walk away” – stemming from the centuries-old seasonality of stocks, warning about poor performance during the summer. By replacing DOGE with sell, he presents the counterintuitive idea that the dog coin itself could be an asset that investors lean towards, rather than shy away from, in a traditionally stagnant period. Technically, that argument revolves around buyers being forced to break out in the early weeks of May, before the neckline descends further and the cloud thickens.

If this does not happen, the pattern will not be confirmed, keeping prices constrained below Kijun and maintaining the prevailing downtrend that began with the price surge in January above $0.48. Subsequently, the first support lies at Tenkan ($0.165), with the March capitulation wick near $0.14 being the final boundary.