Here is why AVAX & LINK Prices Could Bounce Soon

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As a seasoned crypto investor with a keen eye for market trends and patterns, I find myself intrigued by the recent developments in AVAX and LINK. The listing approval on Hong Kong’s HashKey Exchange has undoubtedly added a new dimension to these altcoins’ potential.

In the past few days, Bitcoin‘s value has dropped from around $64,500 to approximately $58,090, marking a 10% decrease in its worth. This decline, characterized as selling pressure, has affected the entire crypto market. The downturn has sparked concerns about an extended slump lasting into September. Yet, the recent analysis suggests that AVAX and LINK might recover due to their upcoming listing on Hong Kong’s HashKey Exchange.

AVAX and LINK Price Hints Reversal on Retail Listing Approval in HK

As an analyst, I’m excited to share that HashKey Exchange, based right here in Hong Kong, has given its approval for the listing of AVAX (Avalanche) and LINK (Chainlink), making these tokens accessible to retail investors. This significant step underscores the growing web3 landscape in our city, as until now, retail trading was limited to Bitcoin (BTC) and Ethereum (ETH). This development is a testament to the increasing recognition and adoption of blockchain technology in Hong Kong.

Livio Weng, CEO of HashKey Exchange, stated during an interview with the South China Morning Post (SCMP), “The rapid growth could be due to several factors, but a significant factor might have been Trump’s announcement that he wanted Web3 to develop in the United States.”

Additionally, it’s been disclosed that the crypto trading platform has filed the third round of its application seeking token approval for regular investors. Simultaneously, the prices of AVAX and LINK maintained their stance above crucial support thresholds at $24 and $11, respectively.

AVAX Price Analysis Signals Recovery to Target $30

On August 22nd, the price of AVAX made a clear breakthrough above the downward sloping trendline of a contracting triangle formation, which had indicated a gradual corrective phase lasting approximately five months prior to that date. This pattern is recognized by its two converging lines.

After experiencing a surge following the breakout, the asset’s value peaked at $28. However, it subsequently fell back down to $24.5. The intraday increase was 1.6%. The Avalanche price forecast indicates that the price will continue to hold above the 20-day moving average and the sloping trendline of the wedge pattern, which may now serve as support. If the decline continues, the AVAX price could potentially rise to $1.33, representing a potential increase of 34.4%. Following this, there might be an extended surge toward $41.8.

Here is why AVAX & LINK Prices Could Bounce Soon

If the examination of the Avalanche’s price trends suggests a potential change of direction within the wedge formation, there’s a possibility that the sellers might push the value down towards the $17.3 support level.

LINK Price Analysis Eyes 17% Jump Before Major Breakout

In simpler terms, the analysis of Chainlink’s price shows a similar downward sloping triangle (known as a falling wedge) when viewed on a daily chart. On August 5th, the price of LINK surged by approximately 42.5% after bouncing off the lower line of this pattern, reaching $11.51. Simultaneously, the market capitalization climbed to a staggering $7 billion.

As a result, the market sentiment appears to be shifting, with buyers regaining control of the Bollinger band indicators. With LINK experiencing increased buying pressure at its $10.8 support level, there’s potential for a 17% upward movement that could challenge the trendline above. If this overhead trendline is breached successfully, it could potentially push the value to reach $19.2.

Here is why AVAX & LINK Prices Could Bounce Soon

If the trendline for overhead resistance continues, it’s possible that the Chainlink price forecast may experience a protracted decrease.

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2024-08-28 17:48