Crypto trader Josh Olszewicz has taken the old 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.

“Doge in May and Walk Away?” asked Olszewicz, who is better known to chart-watchers by his handle @CarpeNoctom.

The chart showed the meme coin drifting toward the seasonally tricky month of May, with a make-or-break zone now forming in price.

The February–April basing action was annotated by Olszewicz with the classical letters S-H-S?, standing for 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; and the market is now probing for a right-shoulder low near $0.17-0.18.

A duo of dotted trend-lines defined a downward-sloping neckline that at Monday’s close intersected the price axis in the $0.185–0.195 area. A daily close above that band would validate the reversal pattern; and the measured-move objective, taken conservatively from the head ($0.14) to the neckline ($0.185), implied upside toward $0.23. The white reference line drawn at $0.28181 marked a prior horizontal shelf of supply – and, not coincidentally, the mid-June projection of Senkou-span resistance – offering a secondary target if the pattern played out in full.

The chart also employed modified Ichimoku settings (20, 60, 120, 30), widening the lens to suit crypto’s volatility. At Monday’s close Dogecoin sat at $0.17533, wedged between a rising Tenkan-sen at $0.16471 and a flat Kijun-sen at $0.18593. Price below the baseline kept the longer-term signal bearish, yet the Tenkan flipping beneath price hinted at near-term momentum.

Finally, in the lower left corner of the chart, we can see that the displaced average of the last 20 highs (the kijun line) is currently flat around the 0.186 level. This is significant because it acts as a crucial support or resistance level for price. As we can see, price has tested this level multiple times over the past few months, and it has ultimately held. However, if price manages to close a day's candle above this level, it could signal a bullish trend reversal. Overall, this Ichimoku chart provides a valuable technical analysis of Dogecoin, highlighting the key price levels to watch and the potential for a bullish trend reversal.

The maxim Olszewicz was riffing on – “Sell in May and go away” – stemmed from centuries-old seasonality in equities, warning of weak summer performance. By substituting DOGE for sell, he floated the contrarian idea that the dog coin itself might be the asset investors walked toward, not away from, in a traditionally lethargic period. Technically that thesis hinged on bulls forcing a breakout in the opening weeks of May, before the neckline descended further and the cloud thickened.

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 rested 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.