The bullish trend in the crypto market faded overnight as the released US jobs data limited the possibility of interest rate cuts. Contrary to the consensus expectation of rate cuts, the crypto market collapsed with altcoins seeing double-digit losses.
During the decline, memecoins and some of the top currencies that had surged last week or month were hit hard. There were $360 million in long liquidations yesterday, and market panic is growing.
However, time has proven that the best time to invest is when the market is falling sharply. Likewise, the overnight sharp drop also created buying opportunities for some of the best performing stocks, which are expected to rebound quickly ahead of the June 12 FOMC meeting.
So, let’s take a quick look at the list of top altcoins to stack before the market rebounds from the recent correction.
PEPE Banknotes (PEPE)
PEPE has seen impressive price growth over the past month, but price action has been conservative this week. The altcoin has started June slightly bearish, losing 14.78% over the past 8 days.
Trading ideas
The meme coin had a weak start to the month and was hit hard as it dropped 10.94% overnight. During this drop, PEPE price tested the 50D EMA before bouncing back at a lower price.
This increases the probability of a bullish reversal and reveals demand at lower levels. The upside potential for PEPE token in June is $0.00002198.
Dog Hat (WIF)
Another coin that got hammered last night, Dogwifhat, presents a buy-low opportunity. The altcoin price trend is showing a strong support trendline on the daily chart. The ascending trendline has provided the meme coin with multiple bounces over the weeks.
Trading View
After the pullback phase ended, the WIF price showed an upward trend as the trendline broke in the 1D chart. However, an overnight decline of 11.58% maintained above the trendline, forming a long tail of a bearish indulgent candle.
Therefore, despite the overnight decline, the uptrend remains intact and a rebound is expected in the coming days. A bullish rally in the WIF price could reach the $4.75 mark.
Singularity.NET（AGIX）
Apart from meme coins, AI tokens also showed sharp gains in the recovering cryptocurrency market. However, the correction phase in AGIX price broke below the 50D EMA and the support trendline.
Trading View
The overnight market drop has caused a sharp drop in the AI altcoin, with the price falling by 9.98%. This represents a 14.52% price drop in 48 hours, forming two bearish engulfing candles.
However, the decline tested the 200D EMA and $0.73 support levels, with the 50D EMA also turning down. Nonetheless, a decline in price at this critical demand level could propel the uptrend to the trend-based Fibonacci level of 23.60% and recapture the psychological mark of $1.
OCEAN Network
A pullback phase can be seen on the daily chart, with OCEAN price trending bearishly. A resistance trendline is formed during the pullback phase, forming a descending triangle in the 1D chart.
Trading ideas
As the altcoin plunged 9.67% overnight to test the 200D EMA, the decline could continue if the market recovers after the pause. However, despite bullish dominance at the $0.78 demand area under pressure, the chances of a bullish reversal remain evident as prices fall.
A reversal into a breakout rally will propel the altcoin price towards the $1.40 mark.
Notcoin（NOT）
Telegram’s meme coin Notcoin saw a key pullback below the $71,000 mark after bitcoin price declined. NOT price declined below the $0.020 support and tested the 50D EMA.
Trading ideas
Nonetheless, the current uptrend maintains the bullish sentiment with the altcoin trading well above the 1.618 Fib level. Moreover, on the 4H chart, the rebound from the 50 EMA signals an imminent recovery towards new all-time highs.
The memecoin’s upside potential suggests a possible breakout above $0.029 to $0.050 by the end of June.
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