Top Altcoins To Stack As The Market Recovers From Recent Correction
The post Top Altcoins To Stack As The Market Recovers From Recent Correction appeared first on Coinpedia Fintech News
The bullish trend in the crypto market fades overnight as the reported U.S. jobs data limit the chances of rate cuts. Going against the broader market anticipation of a rate cut, the crypto market crashes, with altcoins recording double-digit falls.
Amidst the downfall, the meme coins and some top performers known for massive upswing last week or month take a huge hit. With $360 million in long liquidations yesterday, fear is growing in the market.
However, it is proven over time that the best time to invest is when the markets are bleeding. Similarly, the overnight bloodbath brings buying opportunities to some of the top performers, who are anticipated to recover quickly before the FOMC meeting on June 12.
So, let’s have a quick look at the list of top altcoins to stack before the market bounces back from the recent correction.
PEPE Coin (PEPE)
With an impressive growth record over the last month, the PEPE price trend takes a conservative approach this week. Starting in June on a slightly bearish track, the altcoin has been down by 14.78% in the last eight days.
Showing weakness earlier this month, the meme coin takes a huge hit with an overnight fall of 10.94%. During this downfall, the PEPE price tests the 50D EMA to bounce back with a lower price rejection.
This increases the possibility of a bullish turnaround and reveals demand at lower levels. An upside potential for the PEPE coin in June is at $0.00002198.
Dogwifhat (WIF)
Another coin taking a huge hit last night, Dogwifhat, brings an 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 multiple bounce-backs for the meme coin over the weeks.
Following the end of the pullback phase with the trendline breakout in the 1D chart, the WIF price follows an uptrend. However, the overnight drop of 11.58% sustains above the trendline with a long tail formation of the bearish indulging candle.
Hence, the uptrend sustains despite the overnight fall and projects a bounce back in the coming days. A bullish jump in the WIF price could hit the $4.75 mark.
Singularity.NET (AGIX)
Apart from the meme coins, the AI tokens have showcased massive jumps in the recovering crypto market. However, the pullback phase in the AGIX price drops under the 50D EMA and the support trendline.
The overnight drop in the market leads to a huge drop in the AI altcoin, accounting for a price drop of 9.98%. This sums up to a price drop of 14.52% in 48 hours, creating two bearish engulfing candles.
However, the downfall tests the 200D EMA and $0.73 support level with a downtick in the 50D EMA. Nevertheless, the lower price rejection at this crucial demand level could propel the uptrend to hit the trend-based Fibonacci level of 23.60% and reclaim the psychological mark of $1.
Ocean Network (OCEAN)
With a pullback phase visible in 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 the 9.67% crash overnight, the downfall could continue if the market recovers after a pause. However, a bullish reversal chance is prominent with the lower price rejection despite the bullish dominance at the $0.78 demand zone under stress.
A reversal turning into a breakout rally will pump the altcoin price higher to reach the $1.40 mark.
Notcoin (NOT)
Telegram’s meme coin, the Notcoin, shows a critical pullback, with the Bitcoin price sliding under the $71K mark. The NOT price dumps below the $0.020 support level and tests the 50D EMA.
Nevertheless, the prevailing uptrend sustains the bullish sentiments, and the altcoin is well above the 1.618 Fibonacci level. Further, in the 4H chart, the bounce back from the 50 EMA teases a recovery ready to create a new all-time high.
The upside potential for the meme coin teases a potential $0.029 breakout to reach $0.050 by the end of June.
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