Nope, any orbit. Think of it this way: an orbiting particle (or piece of debris) with no independent control/thrust will stay along whatever orbital path it's following, round and round (modulo any further orbital decay). After a collision, the particle is on a new elliptical trajectory, but the new trajectory still passes through the location of the collision. So the lowest point of the new orbit cannot be any higher than the altitude of the collision.

Likewise, if the particle is slowed down, the highest point of the new orbit cannot be any lower than than the altitude of the collision.

An interesting feature of orbital mechanics is that a change in velocity at a given point in orbit will change the altitude of the orbit at every point except where the change took place.