Hong Kong approves Avalanche, Chainlink trading – How did AVAX, LINK react?

• 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.