This is a daily technical analysis of Coindesk analyst and chartered market technician Omkar Godbole.
About two weeks ago, I discussed Bitcoin’s (BTC) Bullish Breakout of a technical resistance called Ichimoku Cloud and the potential for a rally for $ 100,000. This week, the cryptocurrency that was committed to six figures rose.
Now the top alternative cryptocurrencies such as Memecoin Doge, payments-focused XRP, Ethereum Blockchains ether (ETH) and Solana’s sun also crossed over the cloud and flashes bullish signals.
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 includes five lines: Leading Span A, Leading Span B, Conversion Line or Tenkan-sen (T), Baseline or Kijun-sen (K) and a hanging closure price line.
The gap between the first two lines makes the cloud. Crossovers above and below the Ichimoku cloud is taken to represent Bullish and Bearish shifts in momentum.
The diagram shows that XRP and DOGE move over their respective ichimoku clouds and signal more winnings.
In XRP’s case, breakout focuses to resistance of about 30 cents, characterized by the trend line that falls from February heights. DOGE is close to its Bear Market Trendline, which, if topped, would expose resistance to $ 3.02, the lower high created on March 2nd.
In ETH’s case, the outbreak has opened the doors to the 200-day simple sliding average (SMA) to $ 2,700. Meanwhile, sun may encounter resistance to $ 218, 61.8% Fibonacci Retracement of January to April sales.
