The altcoin market is currently experiencing a downtrend, but there could be a recovery soon. Analyst Crypto Jack said that a recent Ethereum chart resembled the setup that was before the 2020 altcoin bull run. Back then, after breaking resistance, Ethereum experienced sideways action before a significant surge. He is hoping for a similar scenario this time, not just for Ethereum but for altcoins and meme coins alike.

The market cap for meme coins is recovering after a recent dip, and trading volumes are rising. Coins like Doge and Pepe have surged dramatically. He is keeping an eye on Ethereum and these altcoins:

Coin 1: Myro

According to him, this meme coin is still within a favorable accumulation zone, and although it’s currently down, this presents a great buying opportunity. From its current level, Myro could see a 225% increase if it returns to its all-time highs. 

Coin 2: Optimism 

This altcoin has bounced nicely from its recent lows and is aiming for a price target of around $2.40. Be cautious of a potential short-term dip following the Ethereum ETF launch, but he believes OP will recover and push higher in the long term.

Coin 3: Solana

The analyst said that Solana is another standout performer. It has broken out from its triangle formation and is heading towards a $200 target. After a potential retest at around $160, Solana could be a fantastic buy and long-term hold.

Coin 4: Arbitrum

After an impressive 200% gain last year, it’s back around $0.80. Despite a recent dip, Arbitrum could see a rebound if it follows the same pattern as before.

The analyst also opened up about Bitcoin price and said that currently he is seeing Bitcoin within a symmetrical triangle formation. After a recent dip to $53,500, Bitcoin has rebounded and reached a recent high of $68,500 on the 4-hour chart. Eyes are on the $70,000 to $70,500 mark in the coming days.

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