Steps taken by cryptocurrency exchanges in response to investor demand have significant impacts on prices. To attract more liquidity to altcoins, crypto exchanges are expanding pairs in local currencies. This situation yields positive results. Today, Binance excited investors with a new pair listing; what happened?
Binance New Pairs
At 11:00 AM Turkish time, the Binance exchange introduced the TRY pair for HIGH Coin. We have seen TRY pairs even during the tough days of bear markets. Turkish investors’ intense interest in crypto continued even on days when volumes dropped to as low as 14 billion dollars. As a result of this interest, Binance frequently listed TRY pairs.
TRY pairs attract more local investors due to the high volatility of the local currency against the dollar. Many investors continue trading in TRY with great diligence.
Another reason is that stablecoins have significantly scared investors. As seen in the UST example, investors who thought they were safe in dollars experienced absurd losses exceeding 50%, leading them to believe this is a good precaution.
Highstreet (HIGH)
With the activation of the TRY pair today, the HIGH Coin price rose to 219 TL. The altcoin also saw an increase of over 4% against the dollar, reaching a volume of 286 million TL. This volume, which formed in just 6-7 hours, shows why Binance made the right move.
This is a good example of reflecting the strength of Turkish investors in the global cryptocurrency ecosystem.
The price of Highstreet (HIGH) fell to as low as $5.9 in the USDT pair. If it can close above $6.8, new peaks up to $7.7 can be seen. $4.8 is the rally starting point where the price can turn around in case of excessive selling. Investors should approach cautiously to closings below the $5.9 support.
The over 250% increase experienced in 53 days is maintained at the current level. Although this gain ratio was higher at the peak, there is still a satisfying profit-taking opportunity for those who evaluated the bottom. If a high-volume movement starts, it will likely be downward.
