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Bitcoin (BTC) has been teasing a new all-time high (ATH) since mid-May, as have many other altcoins, including Binance’s native token, BNB.
BeInCrypto has combed the market to find altcoins that are not only close to charting a new ATH but also capable of doing so.
Bitget Token (BGB) Is the Front-Runner
BGB’s price was nowhere close to forming a new ATH until a week ago. But the 16% rally it witnessed in the last couple of days changed this, bringing the altcoin to trade at $1.32. The ATH now stands less than 5% away at $1.38.
The altcoin is very likely to reach this point and chart a new all-time high over the next month. Signs of this are visible in the Ichimoku Cloud, which is exhibiting bullishness and is below the candlesticks.
The Ichimoku Cloud is a comprehensive technical analysis indicator that defines support and resistance, identifies trend direction, and gauges momentum.
If the $1.33 resistance is breached, BGB would inch very close to charting a new ATH.
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However, Bitget Token could be vulnerable to a correction if the breach fails. Investors might move to book profits, which could send BGB trickling down to $1.24.
Bitcoin Could Bring the Entire Market Up
Bitcoin’s price has been hovering around the $68,500 mark for days now, but it has not been able to be cemented as a support floor. This is crucial if the crypto asset aims to form a new ATH since the barrier between BTC and the ATH at $73,650 is $71,800.
BTC has been observing a macro flag pattern since the beginning of February. This bullish continuation pattern has marked a 45% rise to $92,505 as the target. However, the more realistic outcome is breaching the ATH, barely 8% away from the trading price.
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However, since Q3 is known to be one of the slowest months in terms of market growth, the potential for a new ATH could suffer. Further bearishness could also send Bitcoin’s price to $64,883.
BNB Investors’ Three-Year Wait Continues
The last time BNB price marked an all-time high was three years ago, in May 2021. The altcoin was exhibiting the potential of recreating the miracle last month, but that failed. However, in the past month, the consistent rise has cemented the optimism experienced by investors.
The Binance native token is now a little over 13% away from the ATH of $686, changing hands at $591. The Ichimoku cloud is not only highlighting bulishness but is also below the candlesticks, fanning the all-time high flame.
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But, given investors have already been disappointed once, it would not be surprising if they moved to sell their assets in June. Should the BNB price fail to breach the all-time high, the altcoin could lose the uptrend and slip to $575 or lower.
Toncoin (TON) Surprises the Market
Toncoin has had a fantastic run in Q2 2024 as the altcoin not only marked one new ATH but is on track to post a second all-time high. TON would need to flip $6.5 into a support floor for this to happen.
Should this happen, Toncoin would be on track to chart a 15% rise, breaching the barrier at $7.0 and reaching the ATH of $7.6. While broader market cues support a bullish outcome, the $7.0 barrier is a key resistance.
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TON has failed to breach it thrice since April, and if the same were to happen this time, the altcoin is very likely to fall to $6.5. Losing this support would bring TON back to $6.0 and lower.