Binance Removes Trading Pairs, SOL and DOGE Forecasts
Latest updates and key analyses in the crypto market.
1Binance to Delist Trading Pairs
Binance will remove the spot trading pairs QNT/BTC, RPL/USDC, SIGN/BNB, and SKL/USDC on August 7. This decision follows regular reviews of pairs that fail to meet critical criteria like liquidity and volume. Additionally, US stock trading will be temporarily paused on August 8 due to a scheduled system upgrade by a partner broker. The process is expected to take about three hours.
2Critical Level for Solana (SOL)
Solana's native token SOL dropped below $73.50 after a 5% monthly decline. Analyst Ali Martinez labeled the $73.70 level as a 'make-or-break' moment. Over 50 million coins were purchased around this level, and a sustained downside close could lead to a collapse to $50. However, Michael van de Poppe predicts a potential uptrend to $120 if the price breaks $76.
3Hope for Dogecoin (DOGE)
Dogecoin fell to $0.067, a 90% drop from its 2021 peak. However, its monthly Relative Strength Index (RSI) reached the most oversold level since the 2022 bear market. This signals seller exhaustion and a potential strong rebound. MikybullCrypto argued that staying bearish at this level is unwise and a rally to $1 is possible.
4Weekly Active DOGE Addresses Rise
Weekly active DOGE addresses increased by 16%, from 38,000 in late July to 44,000 by August 5. This growth is seen as a positive signal for DOGE. Additionally, the oversold RSI level is viewed by technical analysts as a precursor to a potential upward cycle.
5Binance's Past Pauses
In early July, Binance temporarily suspended BTC deposits and withdrawals for wallet maintenance. Later that month, TRX deposits and withdrawals were paused due to a Tron Network upgrade. ZEC transactions were also briefly unavailable during a Zcash hard fork. No major issues were reported during these pauses.
6Optimistic Forecasts for SOL
Pepesso argues that SOL's 'clean accumulation setup' remains valid as long as it stays above $45. This is a positive sign for long-term investors. SOL's technical indicators also suggest favorable conditions for a potential recovery. Market participants are closely watching SOL's performance in the coming weeks.
7DOGE's Historic Decline
Dogecoin has lost over 90% of its value since its 2021 peak of $0.73. However, the oversold RSI and rising active addresses offer hope. Technical analysts predict a possible recovery from $0.067 and a move toward the $1 target.
8Overall Crypto Market Outlook
Binance's delisting and system upgrades may cause short-term volatility. However, technical indicators for major coins like SOL and DOGE suggest a potential recovery. Investors will closely monitor market movements in the coming weeks.
Original article: CryptoPotato — Binance İşlem Çiftlerini Kaldırıyor, SOL ve DOGE Tahminleri