The cryptocurrency market is showing bullish strength, with Bitcoin (BTC) reaching a new all-time high. This upward trend is increasing investor interest, with other major tokens also setting new highs.
BeInCrypto is analyzing two other coins that have reached new all-time highs alongside Bitcoin, adding to the overall optimistic sentiment in the market.
Bitcoin (BTC)
Bitcoin has continued its streak of setting new all-time highs, with the latest peak at $81,836. It is currently trading slightly lower at $81,265, but BTC's sustained rise is igniting the passion of investors and establishing it as a key player in the market.
Investors' optimistic outlook has set Bitcoin's next target at $85,000, a crucial psychological support level. Bitcoin, which has risen 6% in the last 24 hours, may need to gain an additional 4% to reach this milestone.
However, if the market's momentum fades and Bitcoin fails to set a new high, it could fall to $77,175. Dropping below this support level would invalidate the current bullish outlook and could signal a shift in sentiment among traders.
Meme Coin (MEW)
MEW has recently followed Bitcoin's upward trend, setting a new all-time high of $0.0120. This meme coin has surged 27% in the last 24 hours, showing signs of continuing its ascent as investor interest increases.
Despite MEW's powerful rally, its status as a meme coin faces the risk of short-term selling or long-term holders (LTHs) realizing profits at the peak. This could lead to potential price declines as traders secure their gains, potentially impacting the recent uptrend.
MEW has established a stable support floor at $0.0090, and it is likely to stabilize there if a decline occurs. However, falling below this level would challenge the bullish outlook and limit further upside potential.
Sui (SUI)
SUI's price has surged 20% over the past two days, reaching a new all-time high of $3.30. This is the third ATH recorded by SUI in the past week, reflecting the sustained investor optimism and strong momentum that is garnering increasing attention in the market.
While investors remain optimistic about SUI's continued growth potential, the possibility of profit-taking could exert pressure on the price. Such activity could lead to gradual corrections as traders secure their gains, and a strengthening of selling could dampen the recent rally.
Currently, SUI has support at $2.36, and a revisit of this level could erase the recent gains. However, if SUI can establish a new support level around $3.00, it would strengthen the upward trend and increase the likelihood of achieving higher targets in the near future.
