HashKey Expands Crypto Trading: AVAX and LINK Now Available for Retail in Hong Kong

Reading time : 5 min.
Share: Facebook
Twitter

HashKey Expands Crypto Trading: AVAX and LINK Now Available for...

KriptoNovini.Bg
29 August, 2024, 06:00
318

HashKey Expands Crypto Offerings: Avalanche (AVAX) and Chainlink (LINK) Now Available for Retail Trading in Hong Kong

In a significant development for the Hong Kong cryptocurrency market, HashKey Exchange has received approval to include Avalanche (AVAX) and Chainlink (LINK) in its retail trading options. This expansion marks a notable shift from the previously limited offerings, which only included Bitcoin (BTC) and Ethereum (ETH).

Impact of HashKey’s Approval on AVAX and LINK

Avalanche (AVAX) and Chainlink (LINK) are now accessible to retail investors in Hong Kong, broadening the range of high-potential tokens available in the region. This move has been met with positive responses from both the markets and investors, leading to notable price movements for both cryptocurrencies.

Price Movements of AVAX and LINK

Avalanche (AVAX) has shown a dynamic reaction to the news. Initially, the AVAX/USDT pair consolidated around the $27 level, forming a head and shoulders pattern before declining to $23. This drop was cushioned by an order block, providing support and enabling the price to stabilize.

Following the announcement of AVAX’s approval for trading, the price hit a low of $23, formed a double bottom pattern, and subsequently broke through a short-term high. However, the uptrend remains unconfirmed. A successful retest of this double bottom pattern, especially during the Asian trading sessions over the coming months, could potentially drive AVAX prices higher.

Chainlink (LINK) also experienced significant volatility. After breaking out of a 14-day consolidation period, LINK surged but faced resistance at the $12 mark. Prior to the announcement, LINK's price had dropped sharply but found support around $10.91.

LINK formed a double bottom pattern on the hourly chart, and although it has broken through the previous structure, a retest is necessary to confirm an upward trend. As with AVAX, a successful retest could signal further gains for LINK.

Increased Trading Activity

Singapore Surpasses U.S., UAE, and Hong Kong as Global Crypto Adoption Leader

The approval for trading AVAX and LINK on HashKey has led to a substantial increase in trading activity.

Avalanche (AVAX): The AVAX/USDT pair saw 21.49K trades, reflecting strong liquidity and heightened investor interest.
Chainlink (LINK): The LINK/USDT pair recorded 17.54K trades, also indicating robust trading activity.

This surge in trading activity highlights the growing interest in these assets and suggests that extending such offerings to other pairs and exchanges could further enhance liquidity and attract more traders and investors.

Open Interest Trends

In addition to increased trading volumes, the Open Interest for both AVAX and LINK has risen following HashKey's approval. Notably, AVAX has outperformed LINK in terms of Open Interest, signaling stronger investor commitment and potentially indicating a more favorable long-term investment opportunity.

As cryptocurrency adoption continues to expand globally, the increased Open Interest and trading activity suggest that both AVAX and LINK are well-positioned for future growth. Investors should closely monitor these assets as they gain traction in Hong Kong and beyond.

Future Prospects for AVAX and LINK

With HashKey’s approval, AVAX and LINK are poised to benefit from greater market exposure and liquidity. As the crypto market evolves, these assets could present promising investment opportunities.

Avalanche (AVAX): Given its recent performance and increased trading activity, AVAX may offer a more attractive long-term investment opportunity. Continued global cryptocurrency adoption could drive its price higher in the future.
Chainlink (LINK): Similarly, LINK's recent price movements and growing interest suggest potential for future gains. Investors should watch for further developments and trends in the cryptocurrency space that could impact LINK’s performance.

Read Avalanche’s (AVAX) Price Prediction 2024–2025

In conclusion, the addition of AVAX and LINK to HashKey’s retail trading options marks a significant milestone for the Hong Kong crypto market. As these assets gain traction and trading activity intensifies, they are likely to offer exciting prospects for investors. Stay informed and engaged with the latest developments to make the most of these emerging opportunities in the cryptocurrency space.