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The Hang Seng Tech Index fell more than 4%, while the Hang Seng Index is currently down 2.77%. Gold stocks, optical communications, non-ferrous metals, chips, building materials and cement are among the biggest losers.1. Market Dynamics: Platinum and palladium futures contracts both hit their daily limit down, falling by 16% to 552.15 yuan/gram and 413.7 yuan/gram respectively; Shanghai gold futures fell by over 11%, and Shanghai silver futures hit their daily limit down; precious metals experienced a sell-off across the board. 2. Core Drivers: US President Trump nominated the hawkish Warsh as Federal Reserve Chairman, coupled with the unexpected rise in US December PPI inflation (annual rate of 3%, higher than expected), shaking market expectations for aggressive easing, easing concerns about the Feds independence, and shifting macroeconomic expectations. 3. Risk Control Pressure: CME significantly raised margin requirements for silver, platinum, and palladium futures for the second time this year, with gold margin also increasing (from 6% to 8% for non-high-risk accounts), significantly raising holding costs and intensifying liquidity tightening pressure. 4. Fund Flows: Speculative funds mainly flowed out; as of January 30, gold, silver, and palladium recorded reductions for 6, 2, and 3 consecutive days respectively, and the North American gold mining index fell sharply. 5. Nanhua Futures: Short-term "tightening trading" expectations do not change the medium-to-long-term "easing trend," and the foundation for a platinum and palladium bull market remains; however, the Warsh nomination brings concerns about a potential disruption of the underlying logic, and caution is advised against opening gaps due to high volatility. Position control is also crucial. 6. Yide Futures: The sharp decline disrupted the upward trend, but undoubtedly opened up opportunities for allocation trading. 7. Guoxin Futures: The trend of platinum group metals is anchored to the macro sentiment of the gold and silver sector. The Warsh nomination shakes the easing narrative, and CMEs increased protection measures exacerbate liquidity tightening; platinum and palladium may exhibit a weak and volatile situation, and a wait-and-see approach is recommended. 8. Other news: Parts of the US government face the risk of a shutdown, and House members need to return in two days to review the spending bill; Federal Reserve official Milan stated that he will continue to serve as a governor until Congress confirms a successor, emphasizing that current interest rates are still too restrictive. (The above content is compiled from publicly available market data and is for reference only, not investment advice.)JPMorgan Chase raised its price target for Regeneron Pharmaceuticals (REGN.O) from $850 to $950.Samsung SDI: We expect strong annual sales growth of battery energy storage systems by 2030, driven by demand from data centers.The SC crude oil futures contract hit its daily limit down, falling 7.02% to 449 yuan per barrel.

Shiba Inu (SHIB) Sees Breakout Above Key Downtrend as Dogecoin (DOGE) Consolidates Below $0.000012

Alina Haynes

Jul 11, 2022 11:35

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In the light weekend trade on Saturday, the majority of the main cryptocurrencies are in a consolidation phase. The majority of the major cryptocurrencies, however, appear to be ending the week with good gains and not far from highs. Despite a surge in US rates and the Fed tightening expectations due to positive survey data on the US service sector and jobs market, sentiment improved this week.

 

The price of bitcoin was most recently settling at $21,500, having gained over 12% this week. That indicates that the market value of the company is presently about $413 billion. Following a pennant breakthrough earlier in the week, the cryptocurrency gained momentum. It even reached a high of $22,400 at one time, but it was unable to hold onto a $22,000 handle.

 

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Ethereum, on the other hand, was last seen trading well supported around the $1,220 region and was up approximately 14% this week. The second-largest cryptocurrency in the world by market cap recently had a value of slightly under $150 billion. The current market capitalization of all cryptocurrencies was about $935 billion, up over $80 billion or 10% over the previous week.

Prediction of Dogecoin's (DOGE) Price

On Saturday, Dogecoin was consolidating just below the $0.07 mark. The cryptocurrency is up approximately 1.3 percent today, and it has gained roughly 4.0 percent over the past week.

 

The pair has been consolidating in low trading volume after its unsuccessful effort to move above its 50-Day Moving Average at $0.072 on Friday. But since late June, an uptrend that has been supporting it has been leading DOGE/USD upward.

DOGE/USD remains on a downward trend

This indicates that Dogecoin will probably retest its 50DMA during the next few of days. However, resistance in the shape of this week's highs and a long-term downtrend will be difficult for the bulls to overcome beyond there and around $0.073/$0.074.

 

In fact, DOGE/USD has been unable to break out of its downtrend since mid-May. It will be interpreted as a hint that the gloomy trend of the previous two months is about to resume if the cryptocurrency does lose momentum in the coming days.

 

If DOGE were to subsequently breach the aforementioned short-term support trendline, a decline back towards the low-$0.60s would be possible. Beyond there, the Dogecoin bears would probably aim for a test of the $0.05 region's yearly lows.

 

However, if the atmosphere in cryptocurrency markets stays positive, as it did this week, then such a decline is improbable. If that's the case and DOGE manages to break through the long-term downtrend, it may be headed in the direction of late-June highs around $0.08. 

Prediction of the Shiba Inu (SHIB) Price

This weekend, the Shiba Inu bulls are still in charge and hoping to cap off a successful week. SHIB was last trading just under $0.00012, just below a crucial region of short-term resistance, and was up more than 5.0 percent on the day.

 

The most recent rise has caused SHIB to trade 17.5 percent higher this week. This makes it one of the top 20 cryptocurrencies by market capitalization this week with the best performance.

 

Over the previous two weeks, SHIBA/USD seems to have established an ascending triangular pattern. These patterns frequently come before bullish breakthroughs. That would entail a firm ascent over the $0.000012 barrier for SHIB/USD.

 

Of course, the late-May highs between $0.0000125 and $0.000013 would soon present resistance to the pair. The door would be open to a run all the way higher to the $0.000017 region, though, if it were able to pass through these tiers. There isn't much in the way of meaningful opposition to halt such a move.


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