The upcoming PPI data from the United States is just hours away from being released. This has led to increased volatility in the cryptocurrency market. According to reports, analysts predict an average forecast of 0.3%. Furthermore, the year-over-year PPI is expected to stabilize at 2.7%. This could positively impact both the cryptocurrency and stock markets when considering short-term targets.
Moreover, Donald Trump stated that the FED must lower interest rates after the weak inflation report. Subsequently, investors are expecting a positive data release. Furthermore, the cryptocurrency market has reacted positively to this statement by witnessing a remarkable jump to $3.38 trillion today.
With this, marketers are actively seeking digital assets to invest in for quick profits. In this article, we will explore the top altcoins with the potential to record significant gains after the PPI data is released this week.
Ripple
The price of XRP has maintained its value above $2.50 with a 2.57% increase today. Notably, it recorded a trading volume of $6.31 billion, changing -37.86%. Furthermore, with a market capitalization of $150.59 billion, it has secured the 4th position in the cryptocurrency market.
The Relative Strength Index (RSI) is hovering near the overbought range and is about to break out of this range on the daily timeframe. Moreover, the SMA indicator continues to support the XRP price chart, indicating an increase in bullish action for the altcoin in the market.
Ripple's price could aim for the $3 mark if the market continues to support the buyers this week. Conversely, an increase in negative price action could pull this altcoin's price back to a lower support level of $2 in the near future.
Solana
The price of Solana today has retested the $180 mark with an impressive price increase of 6.38%. Although it recorded a decrease of about 30% in trading volume, this altcoin has successfully regained its growth momentum, indicating significant bullish prospects.
The Simple Moving Average (SMA) supports the Solana price chart on the 1-day timeframe. On the other hand, the MACD indicator records similar price action in the price chart. This highlights an increase in buying-selling pressure for the altcoin in the market.
Maintaining a price above the $177 support level could pave the way for Solana's price to aim for the $200 mark this week. Conversely, if the bears prevail over the bulls, the value of this altcoin could soon drop to a low of $150.
Hedera
In the context of continuously volatile markets, the price of Hedera has maintained its value above $0.20. With a monthly profit of over 30%, this altcoin has secured the 16th position in the market with a valuation of $9.13 billion.
The Moving Average Convergence Divergence (MACD) records a green bullish chart in the Hedera price chart. Additionally, the 50/200 day EMA crossover has seen a Golden Cross on the daily timeframe. This suggests a positive outlook for the altcoin in the near future.
If the bulls maintain dominance, this could push the HBAR token price up to $0.260 soon. However, negative price action could see it drop to $0.188 this week.