The crypto market seems to be on track to reignite a bull run. Since the beginning of the month, altcoins have impressed investors with their ongoing rallies, bringing many close to their peaks.
BeInCrypto has also analysed three such altcoins, which are nearing their all-time highs and could potentially breach them this week.
BNB
BNB is currently the altcoin closest to its all-time high (ATH), trading just 4.7% below the $861 ATH. At $822, it remains poised for a potential breakout. The proximity to its ATH indicates strong market sentiment and potential for further upward movement in the near future.
The previous ATH was set about three weeks ago, and with broader market support, BNB could continue its bullish momentum. If the market conditions remain favorable, BNB may reach $861 and potentially break through it, surpassing the previous record high within this week.
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
BNB Price Analysis. Source: TradingView
However, if the broader market fails to maintain its rally, BNB may struggle to breach the $823 level. In such a scenario, a price drop could occur, pushing BNB down to $793 or potentially lower to $766. Market conditions will be crucial in determining the direction of the altcoin’s price.
SPX6900 (SPX)
SPX is currently trading at $1.96, nearing the $2.00 resistance level after more than two weeks of consolidation. A successful breach of 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 candlesticks, is acting as support, suggesting an active uptrend. With this indicator in play, the altcoin has the potential to rise by 17%, reaching or surpassing its ATH. A continued upward movement, supported by the Parabolic SAR, signals strong bullish momentum for SPX in the near term.
SPX Price Analysis. Source: TradingView
However, if SPX fails to break the $2.00 resistance, it could face downward pressure. In this case, the price may fall back to $1.74, undermining the bullish outlook.
Ethereum (ETH)
Ethereum is approaching a significant milestone in August, trading at $4,303, a 3.5-year high. The altcoin breached the $4,000 mark over the weekend, setting its sights on the next target of $4,891. This strong upward momentum suggests Ethereum could make history if it sustains its growth.
At $4,303, Ethereum is 13.5% away from 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 consolidation above this threshold could set the stage for ETH to continue its bullish ascent towards the ATH.
ETH Price Analysis. Source: TradingView
However, if investor sentiment shifts and selling pressure increases, Ethereum could struggle to maintain its position above $4,000. A decline below this level would invalidate the bullish outlook, potentially reversing the recent gains and sending ETH lower.
