The bullish trend in the cryptocurrency market fades overnight as reported US employment data limits the chances of rate cuts. Contrary to broader market anticipation of a rate cut, the cryptocurrency market crashes and altcoins post double-digit declines.
Amid the decline, meme coins and some of the top performers known for their massive rally last week or month take a big hit. With $360 million in long liquidations yesterday, 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. Similarly, the overnight bloodbath provides buying opportunities to some of the top performers, who are expected to recover quickly ahead of the June 12 FOMC meeting.
So, let's take a quick look at the list of top altcoins to accumulate before the market recovers from the recent correction.
PEPE Coin (PEPE)
With an impressive growth record over the past month, the PEPE price trend takes a conservative approach this week. Starting in June on a slightly bearish trajectory, the altcoin is down 14.78% over the last eight days.
Showing weakness earlier this month, the meme coin takes a big hit with an overnight drop of 10.94%. During this decline, PEPE price tests the 50D EMA to recover with a lower price rejection.
This increases the possibility of a bullish turn and reveals demand at lower levels. The upside potential of the PEPE coin in June is $0.00002198.
Dog hat (WIF)
Another coin that saw great success last night, Dogwifhat, provides the opportunity to buy at lower levels. The altcoin price trend shows a strong support trend line in action on the daily chart. The ascending trendline has provided multiple bounces for the meme coin over the weeks.
After the end of the retracement phase with the breakout of the trend line on the 1D chart, the WIF price continues an uptrend. However, the overnight decline of 11.58% remains above the trend line with a long tail formation of the bearish candle.
Therefore, the bullish trend remains despite the overnight drop and projects a rebound in the coming days. A bullish jump in WIF price could reach the $4.75 mark.
Singularity.NET (AGIX)
In addition to meme coins, AI tokens have shown massive jumps in the recovering cryptocurrency market. However, the retracement phase in AGIX price falls below the 50D EMA and the support trend line.
The overnight market crash caused a huge drop in altcoin AI, representing a 9.98% price drop. This adds up to a 14.52% price drop in 48 hours, creating two bearish engulfing candles.
However, the decline tests the 200D EMA and the $0.73 support level with a drop to the 50D EMA. However, minor price rejection at this crucial demand level could push the uptrend to reach the trend-based Fibonacci level of 23.60% and reclaim the psychological mark of $1.
Ocean Network (OCEAN)
With a retracement phase visible on the daily chart, OCEAN price trend is under bearish influence. The retracement phase forms a resistance trend line to create a descending triangle on the 1D chart.
As the altcoin tests the 200D EMA with a 9.67% drop overnight, the decline could continue if the market recovers after a pause. However, a bullish reversal possibility is prominent with the rejection of the lower price despite bullish dominance in the stressed $0.78 demand zone.
A reversal that turns into a big rally will push the altcoin's price up to the $1.40 mark.
Notcoin (NO)
Telegram meme coin Notcoin shows a critical pullback, with Bitcoin price falling below the $71,000 mark. NOT price falls below the $0.020 support level and tests the 50D EMA.
However, the prevailing uptrend supports the 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 triggers a recovery ready to create a new all-time high.
The bullish potential of the meme coin causes a possible breakout of $0.029 to reach $0.050 by the end of June.
