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Cryptocurrency enthusiasts have been buzzing about the Avalanche Foundation’s recent meme coin investment. This investment seems to be paying off as the AVAX price has seen a 40% increase over the past week, delighting investors. However, the foundation’s five meme coin investments have also been affected by the market correction, putting COQ, KIMBO, GEC, and TECH at risk currently.
Meme Coins in the Foundation’s Portfolio
Avalanche-based meme coins are part of the Foundation’s portfolio. The Avalanche Foundation directly supports meme coins (KIMBO, COQ, GEC, TECH, and NOCHILL) within the AVAX cryptocurrency ecosystem. However, due to the downward trend of Avalanche-based meme coins, the Avalanche Foundation faces potential losses from these meme coin assets.
The cryptocurrency market began to recover its recent losses after Bitcoin fell below the $68,600 level. Nevertheless, Avalanche-based meme coins have seen a price correction in recent days.
The prices of KIMBO, COQ, GEC, and TECH have dropped by 2%, 7%, 12%, and 13% respectively in the last 24 hours. NOCHILL’s price, on the other hand, increased by 11%, making it stand out among the Foundation’s meme coin assets. The meme coins in the Foundation’s portfolio were introduced to the market in the last few months, and the tokens’ daily trading volume has reached millions of dollars.
Potential for AVAX Price to Reach $70
The cryptocurrency Avalanche (AVAX) has risen to $59.28 and is now showing signs of movement towards $70, being above the 141.4% Fibonacci retracement level.
The green bars on the Awesome Oscillator (AO) indicate that the positive momentum continues and the AVAX price uptrend persists. The Relative Strength Index (RSI) is at 75.92, suggesting the asset might be overvalued or in an overbought condition.
The RSI value hints at a possible correction and that the AVAX price could surpass the Fair Value Gap (FVG) between $43.93 and $46.34 on the daily chart. If AVAX fills this gap, the token could continue its ascent towards the $70 target. However, a daily candlestick closure below the FVG’s lower boundary of $43.93 could invalidate the bullish expectations for the Avalanche price. This scenario will also depend somewhat on BTC‘s price movements.
