The altcoin market has been relatively quiet throughout the week of July 24. Next week’s news feed points to more activity for the 4 private altcoins.
Watch out for these 4 altcoins in August
The US Federal Reserve (Fed) increased interest rates by 0.25% on Wednesday this week. After the new interest rates, the altcoin market fluctuated very little. Ethereum (ETH) and Ripple (XRP) saw modest gains, while Bitcoin remained stable.
All in all, Bitcoin’s consolidation below $29.5K paves the way for leading altcoins like LTC, SOL and XRP to outperform next week. In particular, Litecoin needs attention due to its upcoming halcing cycle.
Litecoin (LTC)
Litecoin price has shown increasing volatility in recent weeks due to the upcoming halving. LTC price declined to $92 at one point and settled below $88. However, the bulls are successfully defending the decline for now as the price has returned to the initial resistance zone at $92.
Until next week, LTC price needs to protect specifically $95. This level sets the stage for a potential rally to $106 initially and then $115. On the other hand, if the price drops and breaks $87, LTC will decline sharply before the halving. This leads the bears to the next critical support at $81.8.
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Solana price is currently consolidating near the $25 mark. However, it has seen a significant increase in the last seven days. The current consolidation could be a sign of an upcoming bullish storm as the bulls enter the market.
Also, the bulls are effectively choosing to buy the recent dips. Therefore, they may soon raise the price and disrupt the current consolidation. If SOL price rises above $26, it will create more buying confidence. This potentially pushes the price towards the next critical resistance at $30. On the other hand, a drop below $22 will bring a consolidation towards $18-20. Popular technical analyst Pentoshi maintains his upside expectations for now.
XRP
Despite the fact that the XRP price has been rising solidly recently, the bulls have not been able to capitalize on the momentum. This shows that as prices rise, demand decreases. Next week, the bulls will try to push the price above the 50-day EMA and break above $0.75. If this happens, it will be confirmed that the bulls are taking advantage of the dips to buy. This brings up the next psychological target of $0.85.
Conversely, bears can gain dominance by pulling the price below $0.7. If successful, XRP price will drop significantly to the $0.65 support, increasing the possibility of a later drop to $0.56.
Worldcoin (WLD)
Worldcoin, backed by OpenAI co-founder Sam Altman, was the most talked about altcoin project of the week. Worldcoin (WLD), a project of San Francisco and Berlin-based Tools for Humanity, was recently listed on Binance. The company, which recently raised $115 million, creates a World ID for users through a globe-shaped browser. It also plans to develop a digital wallet called World App.
Despite attracting more than 2 million users in 20 countries, the project has been subject to data privacy scrutiny. French and UK regulators are questioning data collection methods and storage of biometric data. The negative news feed is accompanied by a double-digit drop in price.
By signing up for the project and going through iris scanning, users risk potentially selling their data to third parties, leading to a potential privacy breach. As such, these privacy concerns will be bearish for WLD if not properly addressed.
Vitalik Buterin, co-founder of Ethereum, stated in a recent blog post that Worldcoin’s use of hi-tech biometrics, while certainly unique, is not without problems. He talked about potential problems such as the risk of users’ data being exposed online and privacy breaches.
Can WLD price profit next week?
Worldcoin is a relatively new project. Waiting provides more time to assess its development, adoption rate and overall potential. WLD price is already down over 50% on Binance and is currently trading at $2.3. cryptocoin.comAs we reported, Kaiko analysts say that the price may spend time in this region for up to 3 months.
