The cryptocurrency market is maintaining an upward trend led by Bitcoin. As BTC sets new all-time highs daily, other coins are also recording historic highs, showing that altcoins are capitalizing on this upward trend.
BeInCrypto has analyzed three tokens that have recently set new highs and explored their next moves.
Bitcoin (BTC)
The price of Bitcoin has risen 11% in the last 24 hours, setting a new all-time high of $89,922. With the upward momentum continuing, the leading cryptocurrency is now eyeing the crucial resistance level of $92,000, and is getting closer to the $100,000 mark that is attracting investor attention.
This impressive rally has been driven by strong market sentiment, particularly boosted by MicroStrategy's recent $2 billion BTC purchase, which has significantly increased investor confidence. This optimistic mood is sustaining Bitcoin's upward trajectory, strengthening as it sets new records.
However, a potential cooling-off period may soon emerge, which could pull Bitcoin's price back to $85,000. This retracement would challenge BTC's current pace, weaken the outlook for reaching $90,000, and dampen the enthusiasm among short-term traders.
NEIRO
NEIRO hit a new all-time high of $0.0031 today, increasing by 23% on Tuesday. This marks the fifth ATH recorded by the meme coin in the past week, emphasizing its sustained momentum and appeal among investors.
The broader market signals suggest that if investors maintain their positions rather than realize profits, NEIRO can sustain this upward trend. The continued rally will further solidify NEIRO's position in the market, and as the coin accumulates gains, it will attract additional attention.
However, if NEIRO holders start selling, the coin may undergo a correction and fall to $0.0022. A drop below this level would weaken the upward outlook and make NEIRO vulnerable to further declines.
Fasttoken (FTN)
Fasttoken recorded a new all-time high of $3.06, despite a modest 3% increase in the last 24 hours. This rise was supported by a strong foundation, as FTN established a support floor at $2.88, propelling the recent upswing.
Market expectations suggest that Fasttoken may soon see another all-time high. However, if the momentum in the cryptocurrency market weakens, FTN may face potential reversals and require additional support to sustain its recent growth.
If FTN falls to $2.88 and loses this support level, the upward outlook may be invalidated, potentially pushing the altcoin down to $2.69. This decline would signal a shift in sentiment and require caution from investors.
