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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.