The crypto market has been in the green for a long time, and as a result of the rising bullishness, altcoins are reaching their new highest points. Bitcoin’s attempt at breaking out of consolidation is seemingly acting as a catalyst for altcoins.
BeInCrypto has analyzed three such crypto tokens that formed a new all-time high today and what direction they could take going forward.
Sonic (S) – Formerly Fantom (FTM)
Sonic’s price surged by 33% in the past 24 hours, reaching a new all-time high of $0.99 before slightly slipping to $0.94. The altcoin’s recent performance reflects a bullish trend that could continue if key support levels hold and the momentum is maintained across the broader crypto market.
The altcoin had a rough start but has been rising steadily over the last 12 days. It is now attempting to establish $0.81 as support, which is crucial for maintaining its uptrend. If this support holds, Sonic could push higher, aiming for the $1.00 resistance level in the near term.
However, a pullback to $0.81 could trigger profit-taking among investors, causing the price to dip below this support. If this happens, Sonic may fall to $0.68, which would invalidate the bullish outlook and lead to further declines, hindering any recovery for the altcoin.
MANTRA (OM)
OM’s price recently reached a new all-time high of $8.46, trading at $7.85 as of now. The cryptocurrency has been witnessing strong bullish momentum, suggesting that its upward trajectory could continue in the coming days.
The altcoin is establishing $7.74 as a key support level, which is critical for maintaining its uptrend. If it successfully holds above this price, OM could see a rise toward $9.00. This support level is vital for sustaining the positive momentum and further boosting investor confidence.
If OM price fails to hold the support of $7.74, it may fall to $7.20, revisiting the consolidation phase from earlier in the week. A drop to this level would be a bearish signal, invalidating the bullish outlook and possibly extending losses for traders.
Story (IP)
Another crypto token, IP’s price, is currently at $4.78 after a week-long rally, achieving a new all-time high of $8.99 during the last 24 hours. This surge represents a significant 174% increase, reflecting strong market momentum and the altcoin’s growing appeal among investors.
The altcoin is now focused on securing $5.69 as a support level, which is crucial for its price continuation. If it successfully holds this support, IP could revisit the $8.99 high and possibly break above $9.00, continuing its bullish uptrend and signaling further growth opportunities for traders.
However, if IP fails to breach and holds $5.69 as support, the price could decline back to $3.23. This scenario would invalidate the bullish outlook for the altcoin and erase recent gains, leading to potential losses for investors.
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Disclaimer
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