Here’s Why AVAX & LINK Prices Could Bounce Soon

This week, the crypto market witnessed a selling pressure, which tumbled the Bitcoin price from $64500 to $58090, registering a 10% loss. The bearish shift triggered a correction trend across major altcoins, raising concerns of a prolonged downtrend into September. However, the AVAX and LINK price analysis shows recovery potential amid the listing announcement on Hong Kong’s HashKey Exchange. 

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

Hong Kong-based HashKey Exchange recently announced the listing approval of AVAX (Avalanche) and LINK (Chainlink) for retail investors. This move signifies the expansion of the web3 landscape in HK, which previously restricted retail trading to Bitcoin (BTC) and Ethereum (ETH).

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

Furthermore, this crypto exchange has revealed that it had submitted the third phase of the application for approval of tokens for retail traders. Amid this report, the AVAX and LINK prices managed to hold above key support levels of $24 and $11, respectively.

AVAX Price Analysis Signals Recovery to Target $30

On August 22nd, the AVAX price gave a decisive breakout from the resistance trendline of a falling wedge pattern. This pattern, characterized by two converging trendlines, signaled a steady correction trend for the past five months.

The post-breakout jump pushed the asset price to $28 high before reverting back to $24.5. With an intraday gain of 1.6%, the Avalanche price prediction shows sustainability above the 20-day EMA and the downsloping trendline of the wedge pattern as flipping support. If the pullback sustains, the AVAX price could rally to $1.33, marking a 34.4% potential gain, followed by an extended rally to $41.8.

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

LINK Price Analysis Eyes 17% Jump Before Major Breakout

The Chainlink price analysis shows the same falling wedge pattern formation in the daily time frame chart. On August 5th, LINK price rebounded from the pattern’s lower trendline, uplifting its value by 42.5% to reach $11.51, while the market cap jumped to $7B. 

Consequently, the buyers reclaimed the midline of Bollinger band indicators, suggesting an initial shift in market sentiment. As the LINK price witnessed a renewed buying pressure at $10.8 support, the buyers could drive a 17% upswing to challenge the pattern’s overhead trendline. A successful breach could drive an extended value to $19.2.

However, if the overhead trendline persists, the Chainlink price prediction could witness a prolonged downfall.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.