Bit coin has continued its upward trend, setting a new all-time high (ATH) in the past 24 hours. The threat of profit-taking remains in the cryptocurrency market, but altcoins are striving to maximize their momentum.
BeInCrypto has analyzed the cryptocurrencies that have set new all-time highs in the past day, led by Bit coin.
Bit coin (BTC)
Bit coin is currently trading at $94,644, setting another new ATH. This new ATH surpassed the previous record set last week, reigniting enthusiasm among investors and demonstrating resilience in the ongoing rally. The subsequent slight decline emphasizes Bit coin's dynamic price movements as market activity increases.
Achieving another all-time high strengthens optimism among traders, indicating that the upward momentum is still being maintained. This development suggests that Bit coin can continue its upward trend and may attract additional institutional and retail interest. However, sustaining this momentum is crucial for long-term price stability.
If Bit coin fails to maintain its recent upward trend and falls below the crucial support level of $89,800, the cryptocurrency may face a downward trend. A decline to $85,000 could impact investor sentiment and trigger additional selling pressure, weakening Bit coin's current bullish outlook.
BONK
BONK has set a new all-time high of $0.00006230, marking its fifth ATH in 7 days. However, the meme coin has experienced a slight correction, dropping to $0.00005339. This price movement highlights the high volatility and strong market interest, driven by investors' expectations of increasing popularity for the meme coin.
The continued ATH records indicate that investor confidence in meme coins like BONK has increased. This trend can significantly benefit these tokens, especially when the overall market sentiment is positive. The sustained influx of speculative trading can propel BONK onto an upward trajectory if the momentum is maintained.
However, BONK needs to maintain its rally above the crucial support level of $0.00004736 to avoid losing market trust. A drop below this level could see the meme coin decline to $0.00004114, and further downside could negate the possibility of another ATH in the short term.
LEO Token (LEO)
LEO has recorded a new all-time high of $8.50, rising nearly 8% in the past 24 hours. While this was not the best performance of the day, the steady growth of the altcoin reflects increased investor confidence and the potential to maintain upward momentum in a highly volatile market.
The current challenge for LEO is to sustain its upward momentum. To continue the rally and achieve higher highs, the altcoin needs to capitalize on the recent rally and avoid significant profit-taking. Signs of weakening investor sentiment could hinder its ability to maintain this trajectory.
If the upward momentum weakens, LEO could drop to the support level of $7.63. Losing this crucial support would make recovery difficult, invalidating the current bullish outlook, and investors would become more cautious about further price movements.
