Saturday, July 20, 2024

On Tuesday, both Dogecoin (DOGE) and Solana (SOL) faced substantial losses in the cryptocurrency market, following lawsuits filed against Binance and Coinbase by the United States Securities and Exchange Commission (SEC). The overall global cryptocurrency market witnessed a decline of nearly 4% during today’s session, with Solana experiencing a notable drop of 9%.

Dogecoin (DOGE)

Dogecoin (DOGE) reached a three-month low on Tuesday as traders reacted to the SEC’s lawsuits against Binance and Coinbase.

The lawsuit against Coinbase alleges that the exchange has been operating as an unregistered broker, while Binance has been accused of violating U.S. securities laws.

In response to the news, DOGE/USD plummeted to $0.06483, marking its weakest point since March 10.

DOGE/USD – Daily Chart

This decline occurred after the meme coin reached its peak at $0.07163 the day before, resulting in a decrease of over 7%.

From a technical perspective, the relative strength index (RSI) dropped below the support level of 33.00.

At present, the RSI is deeply oversold, registering at 29.33.

Solana (SOL)

Apart from DOGE, Solana (SOL) also experienced a significant decline during today’s session, losing more than 9% of its value.

After starting the week at a high of $21.54, SOL/USD fell to an intraday low of $19.42 earlier today.

Following this price plunge, Solana reached its lowest point since May 27 when it was last below $20.00.

SOL/USD – Daily Chart

Similar to Dogecoin, today’s decline was triggered by a breakout on the RSI indicator.

The Price Strength fell below a crucial support level of 42.00 and currently stands at a reading of 40.63.

If bearish pressure continues, the next target could be a lower support level at $18.50.

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Do you think the SEC will target more cryptocurrency firms? Share your thoughts in the comments.

Frequently Asked Questions (FAQs) about cryptocurrency market

Q: What were the lawsuits filed against Binance and Coinbase by the SEC?

A: The SEC filed a lawsuit against Coinbase, accusing the exchange of operating as an unregistered broker. As for Binance, it was sued for allegedly violating U.S. securities laws.

Q: How did Dogecoin (DOGE) and Solana (SOL) perform in the crypto market?

A: Both Dogecoin and Solana experienced significant declines in the crypto market. Dogecoin fell to a three-month low, while Solana dropped by 9% during the session.

Q: What were the price levels reached by DOGE and SOL?

A: Dogecoin (DOGE) reached its weakest point since March 10, dropping to $0.06483. Solana (SOL) hit its lowest point since May 27, falling to an intraday low of $19.42.

Q: What technical indicators contributed to the decline of DOGE and SOL?

A: For DOGE, the decline was influenced by the relative strength index (RSI) dropping below the support level of 33.00. In the case of SOL, the breakout on the RSI indicator, with Price Strength falling below the key support level of 42.00, contributed to the decline.

Q: Will the SEC target more cryptocurrency firms?

A: The future actions of the SEC regarding other cryptocurrency firms are uncertain. It is yet to be seen if the SEC will pursue legal action against additional entities in the crypto industry.

More about cryptocurrency market

  • SEC: United States Securities and Exchange Commission official website.
  • Binance: Official website of Binance cryptocurrency exchange.
  • Coinbase: Official website of Coinbase cryptocurrency exchange.
  • Dogecoin: Official website of Dogecoin cryptocurrency.
  • Solana: Official website of Solana blockchain platform.

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