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On March 5th, Phillip Nova analyst Priyanka Sachdeva stated in a report that a stronger dollar is likely to continue putting pressure on gold prices. Despite the escalating conflict in the Middle East, the unexpectedly sharp rise in the dollar may have prompted some investors to take profits on gold. As energy prices rise, inflation concerns are resurfacing, while market expectations for fewer rate cuts by the Federal Reserve this year are also strengthening. She added that investors should consider factors such as the dollars performance, the pace of gold purchases by central banks, and whether the conflict in Iran will escalate further when allocating gold.On March 5th, Bei Chen Lin, Head of Investment Strategy for Canada at Russell Investments, stated in a report ahead of Fridays US non-farm payrolls data release that investors should consider the broader context when examining US employment data. "Job growth needs to be considered within the overall environment. With US population growth slowing to near standstill, even adding 60,000 jobs is still a healthy pace of growth." Analysts surveyed by The Wall Street Journal predicted that the US added 50,000 jobs in February, down from 130,000 in January. Lin added, "We believe a robust pace of job growth should be sufficient to stabilize the labor market and may even drive a hiring rebound in the second half of the year."On March 5th, Eastern Time, Bridgewater Associates founder Ray Dalio reiterated his strong bullish stance on gold. He stated that in the competition between gold and Bitcoin, there is a clear winner—gold. He emphasized that golds position is irreplaceable. Dalio recommends that individuals allocate 5% to 15% of their portfolios to gold to diversify risk during times of disaster.Iranian state media reported that explosions occurred in Tehran and Karaj.Hong Kong stocks continued to decline in the afternoon, with the Hang Seng Index turning negative and the Hang Seng Tech Index falling 1.15%. Sports goods stocks declined, with Li Ning (02331.HK) falling 3.6% and Anta Sports (02020.HK) falling 2.5%.

DOGE Eyes a Return to $0.0850 to Aim for $0.090 as FTX Contagion Declines

Daniel Rogers

Nov 23, 2022 15:37

截屏2022-11-23 下午2.24.11.png 

 

On Tuesday, both Dogecoin (DOGE) and shiba inu coin (SHIB) snapped two-day losing streaks. FTX contagion risk diminished as word of FTX cash holdings and investor interest in FTX assets spread. However, technical indications remain gloomy, with exponential moving averages (EMAs) predicting additional declines.

 

On Tuesday, dogecoin (DOGE) gained 5.23 percent. Reversing Monday's loss of 2.99%, DOGE ended the day at $0.0785. Notably, DOGE closed the day below $0.0800 for the third session in a row.

 

The mid-morning low for DOGE was $0.0729. Avoiding the First Major Support Level (S1) at $0.0715, DOGE climbed to a high of $0.0796 in the early afternoon. At $0.0774, DOGE surpassed the First Major Resistance Level (R1) before retreating. However, a late surge caused DOGE to surpass R1 and close the day at $0.0785.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads as low as 0 pips and a commission rate of $3.50 per 100,000 USD traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

 

On Tuesday, the price of Shiba inu coin (SHIB) increased by 4.76 percent. SHIB closed the day at $0.000000881, reversing Monday's decline of 4.21%.

 

In line with the larger market, SHIB reached a low of $0.00000817 during midmorning. Finding support at the First Major Support Level (S1) at $0.00000816, SHIB surged to a high of $0.00000883 by early afternoon. At $0.00000873, SHIB surpassed the First Major Resistance Level (R1) and closed the day at $0.00000881.

 

FTX contagion risk diminished on Tuesday, providing assistance to DOGE, SHIB, and the broader market. Updates on FTX's assets revealed a substantial cash position, which would mitigate the impact of the company's bankruptcy on its creditors.

 

Reports that Justin Sun of Tron and Brad Garlinghouse of Ripple are interested in FTX assets generated additional support.

 

Nonetheless, Twitter news remained unfavorable for DOGE. There was no new information on Twitter's resumption of the crypto integration project that would promote DOGE adoption.

 

However, investor sentiment increased significantly this morning. Risk of FTX contagion remains the primary motivator. Until the court reveals who FTX's creditors are, downside risks will persist. On Tuesday, the bankruptcy judge ruling over FTX decided to redact the identities of FTX's creditors.

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