Roughly two weeks ago, Bitcoin (BTC) burst through a key technical resistance—known as the Ichimoku Cloud—setting the stage for a rally that has now propelled its price into the six-figure range. The move, seen on April 23, marked a critical shift in market sentiment.
Now, major altcoins are following suit.
Leading cryptocurrencies like Dogecoin (DOGE), Ripple's XRP, Ethereum (ETH), and Solana (SOL) have also broken above their respective Ichimoku cloud levels. This bullish breakout indicates that these assets may be on the verge of significant upside.
The Ichimoku Cloud, developed by Japanese journalist Goichi Hosoda in the 1960s, is a comprehensive indicator used to gauge support, resistance, momentum, and trend direction. It consists of five components: the Conversion Line (Tenkan-Sen), the Base Line (Kijun-Sen), Leading Spans A and B (which form the “cloud”), and the Lagging Span. When price action moves above the cloud, it often signals a potential bullish trend.
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Daily charts show both DOGE and XRP now trading above their clouds. For XRP, attention turns to resistance around $0.30, defined by a descending trendline from the February highs. As for DOGE, it’s pressing against its long-term bear market trendline. A breakout here could send prices toward the $3.02 mark, set by the March 2 lower high.
ETH & SOL: Next Hurdles in Sight
Ethereum's upward move clears the path to its 200-day simple moving average (SMA), currently sitting at $2,700. Solana, meanwhile, faces possible resistance near $218—representing the 61.8% Fibonacci retracement of its January-to-April decline.
In sum, the synchronized breakouts across multiple top altcoins mirror Bitcoin’s recent momentum, potentially setting the stage for broader market gains in
the weeks ahead.