Over the last week, the crypto market witnessed surprising price movements as Bitcoin significantly declined from a high of $31.5K. 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 are showing potential for growth. Among these, Ripple (XRP), Solana (SOL), and Litecoin (LTC) may take the spotlight to watch for next week.
Crucial Week For The Altcoin Market
As we step into a new week, the altcoin market is preparing for a significant shift. The upcoming release of the Consumer Price Index (CPI) and Producer Price Index (PPI) data on the 12th and 13th of July, respectively, is expected to have a profound impact on the crypto market. According to the CME FedWatch tool, the odds of a July interest rate hike stand at a staggering 90%.
Nonetheless, the altcoin market could experience a favourable turn as Bitcoin struggles to reclaim 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 rebound off the 20-day EMA at $19.5, suggesting that investors are capitalizing on every minor dip. The bulls have successfully driven the price beyond the downtrend line, signalling a potential end to the short-term correction phase by surpassing the $22 resistance level.
The moving averages are on the brink of a bullish crossover, and the RSI is nearing the overbought zone, indicating that the bulls are taking control. However, bears recently defended a surge above $22, showing turmoil near higher levels.
If the buyers manage to keep the price above $22 and send it toward $24, the price of SOL could potentially rise to $27.01.
For the bears to seize control, they would need to pull the price beneath the moving averages. This could surprise the aggressive bulls, leading to a fall to the robust support zone at $19.
Ripple (XRP) Price Analysis
XRP has been oscillating between the 20-day EMA of $0.47 and a support level of $0.45 recently, indicating bearish selling on rallies but also strong buying at lower levels. This narrow trading range is expected to break soon.
If the $0.45 support fails, bears may pull the price down to the next significant support at $0.4. Conversely, if the price rises from its current position, bulls will aim to surpass the moving averages, potentially sending the XRP price to $0.5389.
Litecoin (LTC) Price Analysis
Bulls attempted to drive Litecoin above the key resistance of $105 but were met with strong resistance from bears, as indicated by the long wick on the candlesticks. The LTC price then dropped to the 100-day EMA at $97, a crucial support level.
If the price rebounds from this level, bulls will likely try again to breach the $105 resistance. If successful, the price will skyrocket to $114 by next week.