Over the past week, the crypto market has witnessed some surprising price movements, as Bitcoin declined significantly from a high of $31,500. The latest US ADP data has hinted at an upcoming interest rate hike, adding another layer of uncertainty to the financial and crypto landscape. However, even in these turbulent times, certain altcoins show potential for growth. Among these, Ripple (XRP), Solana (SOL), and Litecoin (LTC) may be in the spotlight for the next week.
Crucial week for the Altcoin market
As we head into a new week, the altcoin market is gearing up for a significant change. The upcoming release of the Consumer Price Index (CPI) and Producer Price Index (PPI) data on July 12 and 13, respectively, is expected to have a profound impact on the crypto market. According to the CME FedWatch tool, the odds of an interest rate hike in July stand at a staggering 90%.
Nonetheless, the altcoin market could see a turn for the better as Bitcoin struggles to regain its immediate resistance level at $30.5K. This situation could pave the way for an influx of funds into the altcoin market.
Solana (SOL) Price Analysis
Solana demonstrated a strong rally from the 20-day EMA at $19.5, suggesting that investors are capitalizing on every minor dip. The bulls have successfully pushed the price beyond the downtrend line, signaling a possible end to the correction phase in the short term by breaching the $22 resistance level.
The moving averages are on the verge of a bullish crossover and the RSI is approaching the overbought zone, indicating that the bulls are taking over. However, the bears recently defended a rally above $22, showing confusion near the higher levels.
If the buyers manage to hold the price above $22 and send it to $24, the price of SOL could potentially rise to $27.01.
For the bears to take control, they would have to drive the price below the moving averages. This could surprise aggressive bulls, leading to a drop to the solid support zone of $19.
Ripple Price Analysis (XRP)
XRP has been oscillating between the 20-day EMA of $0.47 and a support level of $0.45 recently, which indicates bear selling on rallies but also strong buying on the lower levels. This tight trading range is expected to be broken soon.
If the $0.45 support fails, the bears can drop the price to the next significant support at $0.4. Conversely, if the price rises from its current position, the bulls will try to break out of the moving averages, which could send the price of XRP to $0.5389.
Litecoin (LTC) Price Analysis
The bulls attempted to push Litecoin above the key resistance of $105, but were met with strong resistance from the bears, as indicated by the long wick on the candlesticks. LTC price then fell to the 100 day EMA at $97, a crucial support level.
If the price bounces from this level, the bulls are likely to try again to break the resistance at $105. If successful, the price will skyrocket to $114 next week.
This post Top Altcoins to Watch Next Week: Solana (SOL), Ripple (XRP) and Litecoin (LTC) Prices May Gain Momentum
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