The cryptocurrency market has been experiencing a volatile period, with Bitcoin’s recent decline triggering a ripple effect across major altcoins. However, amidst this bearish sentiment, there are signs of potential recovery for AVAX and LINK, thanks to a significant development in Hong Kong.
HashKey Exchange’s Listing Approval
HashKey Exchange, a prominent cryptocurrency exchange based in Hong Kong, has received approval to list AVAX and LINK for retail investors. This landmark decision marks a significant expansion of the web3 landscape in Hong Kong, which previously restricted retail trading to Bitcoin and Ethereum.
The listing approval comes at a time when Hong Kong is actively embracing Web3 and blockchain technology. The city’s regulatory framework is evolving to accommodate the growing interest in digital assets, and HashKey’s move aligns with this trend.
Technical Analysis: Signs of Recovery
In addition to the positive news from HashKey Exchange, technical analysis suggests that AVAX and LINK may be poised for a rebound. Both assets have shown signs of resilience, holding above key support levels despite the broader market downturn.
AVAX Price Analysis
AVAX has formed a falling wedge pattern on its daily chart, indicating a potential reversal. A breakout from this pattern could signal a bullish trend, with targets of $30 and even higher in the near future.
LINK Price Analysis
Similar to AVAX, LINK has also shown signs of a potential reversal. The asset has bounced off a key support level and is now trading above the midline of the Bollinger Bands. A breakout from the overhead resistance could lead to a significant price increase.
Conclusion
While the cryptocurrency market remains volatile, the listing of AVAX and LINK on HashKey Exchange, combined with positive technical indicators, suggests that these assets could be poised for a rebound. As the broader market stabilizes, investors may find opportunities to capitalize on the potential upside of these promising projects.
