XRP's leap above the “Ichimoku Cloud” signals a bullish precedent — one $BTC could follow. Last week's 60% surge in $XRP paves the path for bitcoin's potential rally.
Payments-focused XRP has set a bullish precedent for market leader bitcoin with a move above key price resistance that has opened doors for a sustained rally.
XRP surged nearly 60% last week, registering its best performance since August 2021. The rally saw prices move convincingly above a technical analysis indicator called"Ichimoku cloud" on the weekly chart, confirming a bullish breakout."We view [XRP's] cloud breakout as a good example for bitcoin," founder and managing partner at Fairlead Strategies said in a note to clients.
The Ichimoku Cloud, a technical analysis indicator created by Japanese journalist Goichi Hosoda in the late 1960s, is widely used by traders and analysts to identify support and resistance levels and gauge trend changes. The indicator comprises five lines based on the price's moving averages: Leading Span A, Leading Span B, Conversion Line or Tenkan-Sen , Base Line or Kijun-Sen and a lagging closing price line.
"The move is meaningful on the chart because it resolves a year-long basing process higher. Intermediate-term momentum is positive and there are no signs of upside exhaustion, supporting upside follow-through, with next resistance near $0.92," Stockton noted. A similar bullish outlook awaits bitcoin on the higher side of the Ichimoku cloud, with the next resistance level at $31,900.
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