Altcoins
The best Altcoins to accumulate as the market recovers from the recent correction
The bullish trend in the cryptocurrency market vanishes overnight as reported US employment data limits the chances of rate cuts. Going against the broader market prediction of a rate cut, the cryptocurrency market collapses, with altcoins recording double-digit declines.
In the midst of the crash, meme coins and some top performers known for the massive rally last week or month take a huge hit. With yesterday’s long liquidations of 360 million dollars, fear is growing in the market.
However, it has been 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 best-performing stocks, 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 accumulate before the market recovers from the recent correction.
PEPE Coin (PEPE)
With an impressive record of growth over the past month, PEPE price action has taken a conservative approach this week. Starting in June on a slightly bearish path, the altcoin is down 14.78% over the past eight days.
Showing weakness earlier this month, the meme coin takes a hit with an overnight drop of 10.94%. During this downturn, PEPE price tests the 50D EMA to recover with a lower price rejection.
This increases the possibility of a bullish trend reversal and reveals demand at lower levels. The upside potential for the PEPE coin in June is $0.00002198.
Dogwifhat (WIF)
Another coin that made a big splash last night, Dogwifhat, offers an opportunity to buy at lower levels. Altcoin price action shows a strong support trend line in action on the daily chart. The ascending trendline has provided numerous bounces for the meme coin over the weeks.
After the end of the pullback phase with the break of the trend line in the 1D chart, the WIF price follows a bullish trend. However, the overnight drop of 11.58% remains above the trend line with the formation of a long tail of the bearish indulgent candle.
Therefore, the uptrend continues despite the overnight decline and expects a rebound in the coming days. A bullish jump in WIF price could reach the $4.75 mark.
Singularity.NET (AGIX)
Aside from meme coins, AI tokens have shown huge leaps in the recovering cryptocurrency market. However, the pullback phase of AGIX price drops below the 50D EMA and the support trend line.
The overnight market drop leads to a huge drop in the AI altcoin, amounting to a price drop of 9.98%. This equates to a price drop of 14.52% in 48 hours, creating two bearish engulfing candles.
However, the breakdown tests the 200D EMA and $0.73 support level with a decline into the 50D EMA. However, less price rejection at this crucial demand level could push the uptrend to reach the 23.60% trend-based Fibonacci level and recapture the psychological $1 level.
Ocean Network (OCEAN)
With a pullback phase visible on the daily chart, OCEAN price action is under bearish influence. The pullback phase forms a resistance trendline to create a descending triangle on the 1D chart.
As the altcoin tests the 200D EMA with a fall of 9.67% overnight, the downside could continue if the market recovers after a pause. However, a bullish reversal possibility is evident with the rejection of the lower price despite bullish dominance at the $0.78 stressed demand zone.
A reversal that turns into a breakout rally will push the altcoin price higher until it reaches the $1.40 mark.
Notcoin (NOT)
Telegram meme coin Notcoin shows a critical decline, with the price of Bitcoin falling below the $71,000 mark. NOT price breaks below the $0.020 support level and tests the 50D EMA.
However, the prevailing uptrend supports bullish sentiments and the altcoin is well above the 1.618 Fibonacci level. Furthermore, on the 4-hour chart, the bounce from the 50 EMA anticipates a recovery ready to create a new all-time high.
The upside potential of the meme coin suggests a potential breakout from $0.029 to reach $0.050 by the end of June.