That’s why AVAX and LINK prices could soon rise

This week, the crypto market faced selling pressure that caused Bitcoin price to fall from $64,500 to $58,090, a loss of 10%. The bearish move triggered a corrective trend in major altcoins and raised fears of a sustained downtrend into September. However, AVAX and LINK price analysis shows recovery potential amid the announcement of listing on the HashKey exchange in Hong Kong.

AVAX and LINK price hints at reversal upon admission to Hong Kong retail listing

Hong Kong-based HashKey Exchange recently announced the approval of AVAX (Avalanche) and LINK (Chainlink) for retail trading. This move marks the expansion of the Web3 landscape in Hong Kong, which previously limited retail trading to Bitcoin (BTC) and Ethereum (ETH).

Livio Weng, CEO of HashKey Exchange, noted in an interview with the South China Morning Post (SCMP): “There may be many reasons for this acceleration, but the main catalyst in particular may have been when Trump expressed his intention to introduce Web3 in the United States.”

In addition, this crypto exchange has announced that it has submitted the third phase of the application for retail token approval. Amid this report, AVAX and LINK prices managed to stay above the important support levels of $24 and $11, respectively.

AVAX price analysis signals recovery to target $30

On August 22, the AVAX price decisively broke out of the resistance trend line of a falling wedge pattern. This pattern, characterized by two converging trend lines, signaled a steady corrective trend over the past five months.

The bounce after the breakout sent the asset price to a high of $28 before falling back to $24.5. With an intraday gain of 1.6%, the Avalanche price prediction shows sustainability above the 20-day EMA and the sloping trendline of the wedge pattern as reversal support. If the decline continues, the AVAX price could rise to $1.33, representing a potential gain of 34.4%, followed by a sustained rise to $41.8.

If the Avalanche price analysis indicates a reversal within the wedge configuration, the sellers could pull the asset back to the $17.3 support.

LINK price analysis expects 17% jump before major breakout

Chainlink price analysis shows the same falling wedge pattern formation on the daily chart. On August 5, LINK price rebounded from the lower trendline of the pattern and increased its value by 42.5% to $11.51 while the market cap rose to $7 billion.

As a result, buyers reclaimed the middle line of the Bollinger Bands indicators, indicating an initial change in market sentiment. As LINK price saw renewed buying pressure at the $10.8 support, buyers could stage a 17% upswing to challenge the upper trendline of the pattern. A successful breakout could push an extended reading to $19.2.

However, if the trend line holds, the Chainlink price prediction could see an extended downtrend.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Equipped with a strong understanding of technical analysis, he keeps an eye on the daily price movements of major assets and indices. Attracted by his fascination with financial instruments, Sahil has enthusiastically turned to the emerging space of cryptocurrencies, where he continues to explore opportunities fueled by his passion for trading.

Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Conduct market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.