Over the past week, the crypto market has seen some surprising price moves as Bitcoin has fallen significantly from a high of $31.5,000. The latest US ADP data hinted at an upcoming interest rate hike, adding another layer of uncertainty to the financial and crypto landscape. However, even in these turbulent times, some altcoins are showing potential for growth. Among these, Ripple (XRP), Solana (SOL) and Litecoin (LTC) could be in the spotlight next week.
Crucial week for the Altcoin market
As we enter a new week, the altcoin market is gearing up for a big shift. The upcoming release of 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 tool FedWatch, the chances of an interest rate hike in July stand at 90%.
Nonetheless, the altcoin market could see a favorable turn as Bitcoin struggles to recover its immediate resistance level at $30.5,000. This could pave the way for an influx of funds into the altcoin market.
Solana (SOL) Price Analysis
Solana demonstrated a strong rebound from the 20-day EMA at $19.5, suggesting that investors are capitalizing on every minor dip. The bulls managed to push the price past the downtrend line, signaling a potential end to the short-term corrective phase by breaking above 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, the bears recently defended a push above $22, showing turbulence near higher levels.
If the buyers manage to hold the price above $22 and send it towards $24, the SOL price could potentially reach $27.01.
For the bears to take control, they would have to pull the price below the moving averages. This could surprise aggressive bulls, leading to a drop into the robust support zone at $19.
Ripple (XRP) price analysis
XRP has been swinging between the 20-day EMA of $0.47 and a support level of $0.45 recently, indicating bearish selling on the rallies but also strong buying at lower levels. This tight trading range should break soon.
If the $0.45 support fails, the bears can push the price down to the next significant support at $0.4. Conversely, if the price rises from its current position, the bulls will aim to break above the moving averages, potentially sending XRP price to $0.5389.
Litecoin (LTC) Price Analysis
The bulls attempted to push Litecoin above the key resistance at $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 rebounds from this level, the bulls will likely attempt to break through the $105 resistance again. If successful, the price will skyrocket to $114 by next week.