DOGE, XRP, ETH, and SOL Ride Bitcoin’s (BTC) Wave as Altcoin Momentum Grows

This is a daily technical analysis by Hotnchill analyst and Chartered Market Technician Omkar Godbole. About two weeks ago, I discussed bitcoin’s (BTC) bullish breakout above a technical resistance known as the Ichimoku cloud and the potential for a rally to $100,000. This week, the cryptocurrency has surged into six figures.

Now, top alternative cryptocurrencies such as memecoin DOGE, payments-focused XRP, the Ethereum blockchain’s ether (ETH), and Solana’s SOL have also crossed above the cloud, signaling bullish trends.

The analysis, developed by a Japanese journalist in the 1960s, is used to identify support and resistance, momentum, and trend changes in price actions. 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 a lagging closing price line. The gap between the first two lines forms the cloud. Crossovers above and below the Ichimoku cloud indicate bullish and bearish momentum shifts.

DOGE and XRP daily charts with Ichimoku clouds. (TradingView/Hotnchill) The chart displays XRP and DOGE moving above their respective Ichimoku clouds, indicating potential for further gains. In XRP’s situation, the breakout shifts focus to resistance around 30 cents, marked by the trendline descending from February highs. DOGE is trading near its bear market trendline, which, if broken, could expose resistance at $3.02, the lower high established on March 2.

ETH and SOL daily chart with Ichimoku clouds. (TradingView/Hotnchill) In the case of ETH, the breakout has opened the way to the 200-day simple moving average (SMA) at $2,700. Meanwhile, SOL may face resistance at $218, the 61.8% Fibonacci retracement of the January to April sell-off.