Dogecoin was one of the biggest losers in crypto markets on Tuesday, as markets continued to react to the United States Securities and Exchange Commission (SEC) suing Binance and Coinbase. The global cryptocurrency market lost nearly 4% of its value in today’s session. Solana was another notable mover, falling by 9% today.
Dogecoin (DOGE)
Dogecoin (DOGE) fell to a three-month low on Tuesday, as traders continued to react to news that the SEC had sued both and Coinbase.
The Coinbase suit alleges that the exchange has been operating as an unregistered broker, whilst Binance has been accused of violating U.S. securities laws.
DOGE/USD dropped to a low of $0.06483 on the news, which is its weakest point since March 10.
The sell-off comes a day after the meme coin was trading at a peak of $0.07163, but it has gone on to drop by over 7%.
From a technical point of view, the decline came as the relative strength index (RSI) moved below a floor of 33.00
As of writing, the index is deep in oversold territory, and is currently tracking at 29.33.
Solana (SOL)
In addition to DOGE, solana (SOL) also fell big in today’s session, losing over 9% of its value.
After a high of $21.54 to start the week, SOL/USD slipped to an intraday low of $19.42 earlier today.
Following the plunge in price, solana fell to its lowest point since May 27, when it was last below $20.00.
Similar to dogecoin, today’s decline came as a result of a breakout which occurred on the RSI indicator.
Price Strength fell below a key point of support at 42.00, and is currently at a reading of 40.63.
In the event that bearish pressure intensifies, the next target could be a lower floor at $18.50.
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