[This is why AVAX and LINK prices may rebound soon]
Cryptocurrency markets have come under selling pressure this week, with Bitcoin falling 10% from $64,500 to $58,090. This downward trend triggered a correction in major altcoins. However, price analysis for AVAX and LINK shows recovery potential for both cryptocurrencies following the listing announcement on Hong Kong’s HashKey Exchange.
Hong Kong’s HashKey Exchange announced that it has approved AVAX (Avalanche) and LINK (Chainlink) for retail investors to trade, expanding the functionality of Hong Kong’s Web3 ecosystem. Previously, retail trading was limited to Bitcoin (BTC) and Ethereum (ETH). On this news, AVAX and LINK remained above support at $24 and $11, respectively.
On August 22, AVAX broke above the resistance trendline of the Falling Wedge pattern, indicating a five-month-old stable corrective trend. Following the breakout, AVAX first rose to $28 before falling back to $24.5. If the pullback persists, AVAX could rise to $33.1, a potential gain of 34.4%, and could further reach $41.8. On the other hand, if there is a reversal, sellers may pull the price back to $17.3.
A similar falling wedge pattern is seen on Chainlink’s daily chart. On August 5, LINK price rebounded from the lower trendline, rising 42.5% to $11.51, giving it a market capitalization of $7 billion. Buying pressure on LINK at the $10.8 support could push the price up 17% to challenge the overhead trendline. If there is a successful breakout, the price could rise further towards $19.2. Otherwise, LINK could face a long-term decline if the upper trendline persists.
