– Avalanche Foundation’s portfolio has five meme coins and the Avalanche-based assets are hit by a correction.
– Avalanche blockchain’s native token AVAX price offered 36% weekly gains.
– COQ, KIMBO, GEC and TECH are currently underwater.
Avalanche-based meme coins have found a place in the Foundation’s portfolio.The Avalanche Foundation has directly invested in AVAX ecosystem’s meme coins, Kimbo (KIMBO), Coq Inu (COQ), Gecko (GEC), Technology joke token (TECH) and Avax has no chill (NOCHILL).
While Bitcoin and the broader crypto market started recovering from its decline in the past day, Avalanche-based meme coins are in a downward trend.
Also read:
Avalanche foundation snaps up KIMBO, COQ, and three other tokens as first Meme Coin investment
Avalanche Foundation sits on unrealized losses from meme coin holdings
While the crypto market has started recouping its recent losses as Bitcoin gains lost ground, making a comeback above $68,600 on Saturday.However,
Avalanche-based meme coins are hit by a correction in their prices in the past day.
KIMBO, COQ, GEC, and TECH prices declined 2%, 7%, 12%, 13%, respectively, in the past 24 hours.NOCHILL price climbed nearly 11%, emerging as an outlier among the Foundation’s meme coin holdings.
The meme coins in the Foundation’s portfolio have been issued within the past few months and the daily trade volume of the tokens is in millions of dollars.While Avalanche Foundation’s announcement acted as a catalyst, driving the prices of these assets higher, post the disclosure, the meme coins are yet to recover from the market-wide correction.
AVAX price could rally to $70
Avalanche price could rally towards $70, above 141.4% Fibonacci retracement level of its climb to its year-to-date high of $59.28.The green bars on the Awesome Oscillator (AO) shows there is positive momentum and AVAX price uptrend is intact.The Relative Strength Index (RSI) reads 75.92, the asset is overvalued or overbought, according to the indicator.
The RSI’s reading informs that there is a likelihood of a correction, AVAX price could sweep the Fair Value Gap (FVG) on the daily chart, between $43.93 and $46.34.Once AVAX fills the gap, the token could resume its climb towards the $70 target.
AVAX/USDT 1-day chart
A daily
candlestick close below the lower boundary of the FVG, at $43.93, could invalidate the bullish thesis for Avalanche price.
Information on these pages contains forward-looking statements that involve risks and uncertainties.
Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.
The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Recommended Content
Editors’ Picks
FTX and Alameda wallets deposit over $24 million in Ether to Coinbase, ETH price at risk of decline
Bankrupt crypto exchange FTX and trading firm Alameda have deposited 6,500 Ether tokens to Coinbase early on Friday.Similar large-volume deposits from Samuel Bankman-Fried’s firms has previously ushered a correction in ETH.
More Cryptocurrencies News
Bitcoin Weekly Forecast: Can BTC hit $100,000 without a correction?
Bitcoin (BTC) price shows a slowdown in momentum as it set up a new all-time high of $73,949 on March 13.Considering the massive uptrend that BTC has been experiencing, a short-term correction is nothing to be concerned about.
More Bitcoin News
Binance cuts off $10 billion venture capital arm, BNB price takes 6% loss
Binance Labs is now an independent entity after the Venture Capital firm ended its ties with the cryptocurrency exchange.The venture capital firm has 14x returns on its investments in Web3 and crypto projects.
More Binance News
XRP price extends losses to $0.61, erasing most weekly gains
XRP price slid to $0.61 on Friday, extending a week-long correction after Monday’s surge.The Harvard Law School discussed the SEC’s enforcement in 2023 and highlighted the regulator’s high-profile loss in the Ripple lawsuit.
More Ripple News
Bitcoin: Can BTC hit $100,000 without a correction?
Bitcoin (BTC) price shows a slowdown in momentum as it set up a new all-time high of $73,949 on March 13.
Considering the massive uptrend that BTC has been experiencing, a short-term correction is nothing to be concerned about.
Read full analysis.
