Over the past week, the crypto market witnessed surprising price moves as Bitcoin fell significantly from a high of $31.5K. The latest US ADP data points to an impending rate hike, adding another layer of uncertainty to the financial and crypto landscape. But even in these turbulent times, certain altcoins show growth potential. Of these, Ripple (XRP), Solana (SOL), and Litecoin (LTC) may be in the spotlight next week.
Crucial week for the Altcoin market
As we enter 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 July 12 and July 13, respectively, is expected to have a major impact on the crypto market. According to the CME FedWatch tool, the probability of a rate hike in July is a whopping 90%.
Nevertheless, the altcoin market could take 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 showed a strong rebound in the 20-day EMA at $19.5, suggesting investors are taking advantage of any small dip. The bulls have successfully driven the price past the downtrend line, signaling a possible end to the near-term correction phase by crossing 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 control. However, bears recently defended an increase above $22, suggesting turmoil near higher levels.
If the buyers manage to keep the price above $22 and push it towards $24, the price of SOL could potentially rise to $27.01.
For the bears to take control, they would have to pull the price below 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 recently fluctuated between the 20-day EMA of $0.47 and a support level of $0.45, indicating bearish selling during rallies but also strong buying at lower levels. This narrow trading range is expected to break soon.
If the $0.45 support fails, bears could push the price down to the next significant $0.4 support. Conversely, if the price rises from its current position, bulls will aim to outperform the moving averages, potentially pushing the XRP price to $0.5389.
Litecoin (LTC) price analysis
Bulls attempted to drive Litecoin above the key $105 resistance, but encountered 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 critical support level.
If the price bounces back from this level, bulls will likely try to break the $105 resistance again. If successful, the price will skyrocket to $114 next week.