The cryptocurrency market appears to be ready to reignite the bull market. Since the beginning of this month, altcoins have been surprising investors with a continuous upward trend, with many coins approaching their peaks.
BeInCrypto has analyzed three of these altcoins, which are close to their all-time highs and have the potential to break through this week.
Binance Coin (BNB)
BNB is currently the altcoin closest to its all-time high (ATH), trading at $822, which is 4.7% lower than its $861 ATH. This indicates preparation for a potential breakthrough. Its position near the ATH suggests strong market sentiment and the possibility of further increases in the near future.
The previous ATH was set about three weeks ago, and with broader market support, BNB can continue its bullish momentum. If market conditions remain favorable, BNB could reach and break through $861, potentially exceeding its previous record this week.
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However, if the broader market fails to maintain the rally, BNB may struggle to break through the $823 level. In this case, a price drop could occur, potentially pushing BNB down to $793 or even lower to $766. Market conditions are crucial in determining the direction of altcoin prices.
SPX6900 (SPX)
SPX is currently trading at $1.96 and is approaching the $2.00 resistance level after more than two weeks of consolidation. Successfully breaking through this level is essential for SPX to target its all-time high (ATH) of $2.29. The next few days could determine its upward trajectory.
The Parabolic SAR positioned below the candlestick provides support and suggests an active upward trend. As this indicator works, the altcoin could rise by 17% to reach or exceed its ATH. The continuous upward movement supported by the Parabolic SAR indicates SPX's strong bullish momentum.
However, if SPX fails to break through the $2.00 resistance, it may face downward pressure. In this case, the price could drop back to $1.74, weakening its bullish outlook.
Ethereum (ETH)
Ethereum is approaching an important milestone in August, reaching a three-and-a-half-year high of $4,303. The altcoin broke through $4,000 over the weekend, heading towards its next target of $4,891. This strong upward momentum suggests that Ethereum could make history if it continues its growth.
At $4,303, Ethereum is 13.5% below its all-time high (ATH) of $4,891. To reach this ATH, ETH must first secure $4,500 as a stable support level. A successful adjustment above this threshold could provide a platform for ETH to continue its bullish ascent towards the ATH.
However, if investor sentiment changes and selling pressure increases, Ethereum may struggle to maintain levels above $4,000. A drop below this level could invalidate the bullish outlook, reversing recent gains and potentially pushing ETH lower.
