3 Altcoins that Rise in Price After US PPI Data

The next PPI data from the United States will be released in just a few hours. This has led to increased volatility in the crypto 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 crypto market and the stock market when considering short term goals. Furthermore, Donald Trump stated that the FED must lower interest rates following weak inflation reports. Subsequently, investors are anticipating a positive data release. Moreover, the crypto market has reacted positively to this announcement 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 that have the potential to record significant increases after the PPI data is released this week. Ripple The price of XRP has maintained a value above $2.50 with an increase of 2.57% 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 crypto market.

The Relative Strength Index (RSI) is hovering near the overbought range and is about to break this range in the daily timeframe. Moreover, the SMA indicator continuously supports the price chart of XRP, indicating an increase in bullish action for the altcoin in the crypto market. The price of Ripple could aim for the $3 mark if the crypto market continues to support the buying side this week. Conversely, an increase in bearish price action could pull this altcoin's price down to a lower support level of $2 in the near future. Solana The price of Solana today has tested 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 price chart of Solana in the 1-day timeframe. On the other hand, the MACD indicator records similar price action in the price chart. This highlights the increasing buying-selling pressure on altcoins in the crypto market. Maintaining the price above the support level of 177 dollars could pave the way for Solana's price to approach the 200 dollar mark this week. Conversely, if the bears gain the upper hand over the bulls, the value of this altcoin could soon drop to a low of 150 dollars. Hedera In the context of the crypto market's continuous fluctuations, the price of Hedera remains 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 witnessed a Golden Cross on the daily time frame. This suggests a positive outlook for the altcoin in the near future. If the bulls maintain their dominance, this could push the price of the HBAR token up to $0.260 soon. However, a negative price action could cause it to drop to $0.188 this week.