Altcoins ETH, SOL, XRP, and DOGE Follow Bitcoin’s Lead in Market Rebound

Following Bitcoin’s impressive rally to $100,000 after breaking through the Ichimoku cloud resistance in late April, several top altcoins are now showing similar bullish signs. Memecoin DOGE, payment-focused XRP, Ethereum’s ether (ETH), and Solana’s SOL have all recently crossed above the Ichimoku cloud, indicating potential for further price increases.

Just two weeks ago, I highlighted Bitcoin’s breakout above the Ichimoku cloud and its possible rise toward $100,000. This week, Bitcoin has surged into six figures, confirming the initial forecast. Now, the spotlight has shifted to key altcoins that are following Bitcoin’s path and flashing strong bullish signals.

The Ichimoku cloud, a technical indicator developed by a Japanese journalist in the 1960s, is widely used to determine market trends, support and resistance levels, and momentum shifts. It consists of five components: Leading Span A, Leading Span B, the Conversion Line (Tenkan-Sen), the Base Line (Kijun-Sen), and the lagging closing price line. The cloud is formed by the gap between the first two lines, and crossovers above and below the cloud are interpreted as signals of trend changes.

On the charts, XRP and DOGE have both surged above their respective Ichimoku clouds, signaling more potential upside. XRP is now targeting resistance near $0.30, where a trendline drawn from the February highs intersects. For DOGE, the key level to watch is its bear market trendline, and breaking above this could bring resistance at $3.02, the lower high created in early March.

In Ethereum’s case, the breakout points toward the 200-day simple moving average (SMA) at $2,700, suggesting the potential for further price advances. Solana, on the other hand, may face resistance near $218, which aligns with the 61.8% Fibonacci retracement level from the January to April correction.

As Bitcoin continues its upward trajectory, altcoins are also gaining momentum, showing that the bullish trend could extend to the broader cryptocurrency market.