DOGE, XRP, ETH, SOL Follow Bitcoin Through Cloud Amid Altcoin Gains
Omkar Godbole | Edited by Sheldon Reback Updated May 9, 2025, 12:56 PM Published May 9, 2025, 11:57 AM
This is a daily technical analysis from CoinDesk analyst and certified technical specialist Omkar Godbole.
About two weeks ago, I discussed Bitcoin’s (BTC) bullish breakout above the technical resistance level known as the Ichimoku Cloud and the potential for a rally to $100,000. This week, the cryptocurrency has comfortably reached the six-figure mark.
Now, major alternative cryptocurrencies like memecoin DOGE, payment-oriented XRP, Ethereum blockchain’s Ether (ETH), and Solana’s SOL have also broken the cloud, signaling possible gains.
The analysis, developed by a Japanese journalist in the 1960s, is used to identify support and resistance levels, momentum, and trend changes in price movements. 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 are seen as indicators of bullish and bearish changes in momentum.
The chart shows that XRP and DOGE are rising above their Ichimoku clouds, indicating further gains.
As for XRP, the breakout shifts attention to resistance around 30 pips, which is defined by a trendline that points to a fall from the February highs. DOGE is trading near a bear market trendline that, if broken, would open resistance at $3.02, a lower high from March 2.
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