DOGE caught between Ichimoku lines – breakout looming

With many assets in the cryptocurrency market showing signs of relief from the bearishness that caught them in the last few weeks, Dogecoin (DOGE) is bouncing precisely within the tight Ichimoku Cloud range in a textbook range play between key equilibrium levels.

Indeed, DOGE is oscillating between the Tenkan-sen (conversion line) and Kijun-sen (base line), which are both critical components of the Ichimoku system used to track trend strength and momentum, according to the Dogecoin 4-hour chart shared by crypto analyst Trader Tardigrade on October 23.

Ichimoku indicators define DOGE’s perfect range play

As the crypto trading expert said:

“Kijun-sen capping as resistance, Tenkan-sen holding as support. Perfect range play amid the red Kumo dip!”

As it happens, the Tenkan-sen, currently acting as short-term support, represents Dogecoin’s fast-moving equilibrium point, while the Kijun-sen marks a slower, medium-term mean, which is often a magnet for price in sideways markets. When prices hover between these two, it typically indicates a neutral phase before a decisive breakout or breakdown.

Adding to the intrigue, DOGE remains below the Kumo (cloud), which is the broader Ichimoku zone that separates bullish from bearish territory. That means the meme coin still sits in a technically bearish environment, even as it consolidates near the upper edge of its short-term range.

Currently, Dogecoin is changing hands at the price of $0.1950, which indicates an increase of 2.12% in the last 24 hours, as Elon Musk’s favorite meme coin moves to erase a loss of 1.64% across the previous seven days and an 18.96% dip accumulated on its monthly chart.

If DOGE can break above the Kijun-sen and push into the cloud, it could attempt to reclaim the mid-$0.20s, aligning with recent upside targets from other analysts. Conversely, a rejection from this level could send it back toward $0.19, where the Tenkan-sen is providing support.

With volatility compressing and the Kumo thinning ahead, traders are watching for a potential momentum spike, either a breakout through resistance or a deeper retest of the recent lows. For now, Trader Tardigrade’s ‘perfect range play’ looks like a textbook Ichimoku squeeze or a calm before the next move.