Altcoins
The best Altcoins to stack as the market recovers from a recent correction
The crypto market’s bullish trend fades overnight as US jobs data limits the chances of a rate cut. Against the broader market anticipation of a rate cut, the crypto market collapsed, with altcoins seeing double-digit falls.
Amid the fall, meme coins and some of the top performers known for their massive rise last week or month are taking a huge hit. With $360 million in long liquidations yesterday, fear is growing in the market.
However, it has proven over time that the best time to invest is when the markets are bleeding. Likewise, the overnight bloodbath provides buying opportunities for some of the top performers, which are expected to recover quickly ahead of the June 12 FOMC meeting.
So let’s take a quick look at the list of best altcoins to stack before the market rebounds from the recent correction.
PEPE coin (PEPE)
With an impressive growth record over the past month, PEPE price trend takes a conservative approach this week. Starting June on a slightly bearish trajectory, the altcoin is down 14.78% over the past eight days.
Showing weakness at the start of the month, the meme coin took a huge hit with an overnight drop of 10.94%. During this fall, PEPE price tests the 50D EMA to rebound with a lower price rejection.
This increases the possibility of a bullish reversal and reveals demand at lower levels. The upside potential for the PEPE token in June is $0.00002198.
Dog Hat (WIF)
Another coin that saw huge success last night, Dogwifhat, offers the opportunity to buy at lower levels. The altcoin price trend shows a strong support trendline in action in the daily chart. The ascending trendline has provided several bounces for the meme coin over the weeks.
After the end of the pullback phase with the breakout of the trendline on the 1D chart, WIF price is in an uptrend. However, the 11.58% overnight decline is holding above the trendline with the formation of a long bearish tail candle.
Therefore, the uptrend continues despite the overnight drop and expects a rebound in the coming days. A bullish rise in WIF price could reach the $4.75 mark.
Singularity.NET (AGIX)
Besides meme coins, AI tokens have exhibited massive jumps in the recovering crypto market. However, the pullback phase of AGIX price falls below the 50D EMA and the support trendline.
The overnight market decline causes the AI altcoin to drop significantly, representing a 9.98% price drop. This boils down to a price drop of 14.52% in 48 hours, creating two bearish engulfing candles.
However, the fall tests the 200D EMA and the $0.73 support level with a decline to the 50D EMA. Nonetheless, the weaker price rejection at this crucial demand level could propel the uptrend to reach the trend-based Fibonacci level of 23.60% and reclaim the psychological $1 mark.
Ocean Network (OCEAN)
With a decline phase visible on the daily chart, the OCEAN price trend is under bearish influence. The pullback phase forms a resistance trendline to create a declining triangle in the 1D chart.
As the altcoin tests the 200D EMA with a 9.67% crash overnight, the fall could continue if the market recovers after a break. However, a chance of a bullish reversal is significant with weaker price rejection despite bullish dominance at the $0.78 demand zone under tension.
A reversal turning into a breakout rally will send the altcoin price surging towards the $1.40 mark.
Notcoin (NOT)
Telegram meme coin Notcoin shows critical pullback with Bitcoin price slipping below $71,000. NOT price moves below the $0.020 support level and tests the 50D EMA.
Nonetheless, the prevailing uptrend supports the bullish sentiment and the altcoin is well above the 1.618 Fibonacci level. Additionally, in the 4H chart, the rebound from the 50 EMA heralds a recovery ready to create a new all-time high.
The coin’s upside potential even hints at a potential breakout from $0.029 to reach $0.050 by the end of June.