- Hong Kong HashKey exchange received approval for Avalanche and Chainlink trading.
- AVAX and LINK pairs saw a surge in trading activities.
HashKey, Hong Kong’s compliance exchange, recently secured approval to offer Avalanche [AVAX] and Chainlink [LINK] for trading by retail investors.
Initially, only Bitcoin [BTC] and Ethereum [ETH] were available for retail trading in Hong Kong.
HashKey’s inclusion of AVAX and LINK signified a notable expansion in the region’s crypto trading options, giving retail investors access to these high-potential tokens.
Both markets responded positively to this development, showing promising price movements.
How AVAX and LINK reacted
Focusing on Avalanche, AMBCrypto found that AVAX/USDT pair initially consolidated around the $27 price level, forming a head and shoulders pattern before dropping to $23.
This decline met an order block that provided support, allowing the price to stabilize.
Following the news of AVAX’s approval for trading in Hong Kong, the price bottomed at $23, created a double bottom, and broke through a short-term high.
However, the uptrend is yet to be confirmed, as a successful retest of this double bottom pattern is needed, particularly during the Asian trading sessions in the coming months. This could lead to higher prices for AVAX.
Source: TradingView
LINK also experienced significant price movements due to the HashKey Hong Kong news. After breaking out of a 14-day consolidation, LINK surged but faced resistance at the $12 level.
Prior to the announcement, LINK’s price swiftly declined but found support around $10.91.
Like AVAX, LINK formed a double bottom pattern on the hourly chart and broke structure, although it too awaited a retest for confirmation of an upward trend.
Source: TradingView
Given HashKey’s approval, LINK is positioned as a crypto to watch closely, as more analysis suggested.
Number of trades increase
The HashKey Hong Kong exchange announcement also led to a surge in trading activity for AVAX and LINK assets.
Avalanche’s AVAX/USDT pair recorded 21.49K trades, while Chainlink’s LINK/USDT saw 17.54K trades, indicating strong liquidity and increased investor interest.
Extending this success to other pairs and exchanges would enhance liquidity further, attracting more traders and investors.
Source: Hyblock Capital
Open Interest on the rise
Finally, the Open Interest for both AVAX and LINK rose following the HashKey approval, with AVAX outperforming LINK in this area.
Read Avalanche’s [AVAX] Price Prediction 2024–2025
So, AVAX might offer a better long-term investment opportunity as cryptocurrency adoption continues to grow globally.
Source: Hyblock Capital
As these assets gain traction in Hong Kong and beyond, their prices could trend higher, presenting promising prospects for investors.
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