About two weeks ago, I discussed the bullish trend of Bitcoin (BTC) breaking through a technical resistance level known as the Ichimoku cloud, with the potential to rise to $100,000. This week, this cryptocurrency has soared to six figures as anticipated.
Now, top alternative cryptocurrencies such as meme coin DOGE, payment-focused XRP, Ethereum's Ether (ETH), and Solana's SOL have also broken through the cloud, signaling bullish trends.
This analysis was developed by a Japanese journalist in the 1960s to identify support and resistance, momentum, and trend changes in price behavior. The indicator consists of five lines: Leading Span A, Leading Span B, Conversion Line or Tenkan-Sen (T), Base Line or Kijun-Sen (K), and Lagging Closing Price Line.
The gap between the first two lines forms the cloud. Crossovers through the Ichimoku cloud are seen as shifts in bullish and bearish momentum.
The charts show XRP and DOGE moving above their Ichimoku clouds, signaling further upward movement.
In the case of XRP, the breakthrough shifts focus to a resistance level of about 30 cents, characterized by a trend line descending from the February highs. DOGE's trading is close to its bear market trend line, and if it breaks through, it will expose a resistance level of $3.02, which is a lower high formed on March 2.
In the case of ETH, the breakthrough above the 200-day simple moving average (SMA) has opened the door, with a target of $2,700. Meanwhile, SOL may encounter resistance at $218, which is the 61.8% Fibonacci retracement level of the sell-off from January to April.
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