• 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.

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.

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.

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.

As these assets gain traction in Hong Kong and beyond, their prices could trend higher, presenting promising prospects for investors.