beincrypto.com
With the altcoin season underway, most of the top crypto tokens other than Bitcoin are noting gains. Two of the top 15 cryptocurrencies even made it to new all-time highs (ATHs) today amid strong bullish momentum.
BeInCrypto has analyzed these three crypto tokens, which formed new all-time highs, and what to expect from them going forward.
$BNB
$BNB price surged by 18% in the past 24 hours, reaching $770 at the time of writing. The intra-day high of $779 set a new all-time high ($ATH) for the altcoin. This price movement highlights strong bullish momentum and increasing market confidence in $BNB’s future performance.
The previous $ATH for $BNB was set in June at $721, which has now become a crucial support level. If $BNB manages to maintain this level, it could continue its upward trend, further solidifying its position in the market. The $721 support is vital for sustaining investor confidence in the token.
Given the current momentum, $BNB is expected to continue its rise and potentially form new ATHs. However, if profit-taking occurs and the price falls below the $721 support level, the bullish thesis would be invalidated. A drop below this level would signal a shift in market sentiment, leading to possible corrections.
Tron ($TRX)
Tron’s price surged by 77% in the past 24 hours, reaching $0.39. Despite a 9.5% intra-day dip, the altcoin is expected to maintain support above $0.30.
This level is critical for sustaining the bullish momentum. If Tron holds above $0.30, it could continue its upward trend.
During the price surge, Tron reached a new all-time high ($ATH) of $0.45. The next key target for the altcoin is to establish $0.50 as support. If Tron can hold above this level, it will signal further growth, with the potential for more gains in the coming days or weeks.
However, if the downward trend persists and $TRX drops below the psychological support of $0.30, panic selling could follow. This scenario would invalidate the current bullish outlook, leading to a potential shift in market sentiment. Traders should monitor support levels closely.
Leo Token ($LEO)
$LEO token recently reached a new all-time high ($ATH) of $9.87 after a near 12% rise in the last 24 hours. This marks the second $ATH for $LEO in the past month, indicating strong market demand and bullish momentum. The token’s performance has attracted significant attention from investors.
$LEO is expected to continue benefiting from the ongoing altcoin season, with its price likely to rise further. The altcoin has managed to maintain the critical support level at $8.86, which is crucial for sustaining upward momentum. As long as this support holds, $LEO could see additional gains in the coming weeks.
However, if $LEO fails to hold the $8.86 support level, the current bullish outlook could be jeopardized. A break below this key level would likely lead to a sharp decline, erasing the recent gains and potentially signaling a shift in market sentiment.