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Hong Kong tech stocks rallied, with Tencent Holdings (00700.HK) surging over 3% in a short period, Baidu (09888.HK) rising over 4%, and Meituan (03690.HK), Bilibili (09626.HK), and others following suit.The Hang Seng Tech Index rose more than 2% in the afternoon, with Zhipu (02513.HK) and Lenovo Group (00992.HK) leading the gains among constituent stocks, rising more than 7%.Shares of Want Want China Holdings Limited (00151.HK) fell more than 10% in the afternoon. The company announced at midday that for the year ended March 31, 2026, revenue increased by 3.8% to RMB 24.401 billion, while net profit fell by 11.5% year-on-year. The company proposed a final dividend of US cents per share.On June 30th, the National Energy Administration held a meeting in Hangzhou, Zhejiang Province, to exchange experiences on improving the level of "Getting Electricity" services. The meeting pointed out that, thanks to the joint efforts of all parties, my countrys "Getting Electricity" reform has achieved remarkable results during the 14th Five-Year Plan period. Historical breakthroughs have been made in power supply services, institutional systems, international benchmarking, and regulatory governance. A number of long-standing bottlenecks and difficulties in accessing electricity services have been effectively addressed, and shortcomings in urban and rural power supply services have been improved. This has become an important area of advantage for my country in optimizing its business environment. The meeting required that targeted policies and concerted efforts be made to address key challenges, focusing on the needs of economic development, energy transition, and the expectations of the people, using breakthroughs in key areas to drive overall improvement. It also stressed the need to uphold a correct view of performance, establish a pragmatic orientation, and achieve tangible results in promoting benchmark demonstration and guidance, serving and supporting industrial upgrading, and solving the electricity problems of the public. Finally, it emphasized the need to solidify the responsibilities of all parties, build a working pattern that is interconnected from top to bottom, coordinated horizontally, and linked internally and externally, and ensure that all policy deployments are implemented effectively.Hong Kong-listed IPO Zhen Health Medical (02697.HK) surged again in the afternoon, rising more than 210% to a high of HK$393.2.

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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