Rising Energy in the Altcoin Market

This is a daily technical review by an analyst at a cryptocurrency research platform.

Approximately two weeks ago, I covered the bullish breakout of bitcoin (BTC) as it surpassed a significant technical barrier known as the Ichimoku cloud, suggesting a potential climb toward $100,000. This week, the cryptocurrency indeed made its way into the six-figure range.

In addition, leading alternative cryptocurrencies like the memecoin DOGE, payment-oriented XRP, Ethereum’s ether (ETH), and Solana’s SOL have also risen above the cloud, signaling positive momentum.

This analysis framework, created by a Japanese journalist in the 1960s, helps identify support and resistance levels, as well as shifts in momentum and trends in price movements. It consists of five lines: Leading Span A, Leading Span B, the Conversion Line (Tenkan-Sen), the Base Line (Kijun-Sen), and a lagging closing price line.

The area between the first two lines forms the cloud. Crossovers above and below the Ichimoku cloud suggest bullish or bearish momentum changes.

The charts reveal that XRP and DOGE have moved above their respective Ichimoku clouds, indicating potential for further gains.

For XRP, the breakout brings attention to a resistance level around 30 cents, defined by a trendline extending from the highs in February. Meanwhile, DOGE is trading near its bearish trendline, and if it breaks above this, it may encounter resistance at $3.02, which was the lower high established on March 2.

For ETH, the breakout paves the way toward the 200-day simple moving average (SMA) at $2,700. Conversely, SOL might bump into resistance at $218, which corresponds to the 61.8% Fibonacci retracement of the decline seen from January to April.