DOGE/USDT PERP Buy Long | S6W1 | Team Trading Contest Post for Investors-Team

Hello everyone, for today of the trading competition I decided to trade DOGEUSDTPERP. This is a futures contract on Binance. As usual, I'd state the questions required for this post and answer accordingly.

Dogecoin is a meme token. Unlike other tokens that serve as a function to blockchain networks, Dogecoin was created based on a dog meme. Its function is to serve as a means of payment for users (P2P). It is a hard fork of Litecoin. This forking is was led to the creation of Dogecoin in December 2013. Dogecoin was created by Billy Markus and Palmer Jackson.

Dogecoin uses the proof-of-work consensus algorithm. As a fork of Litecoin, the time spent in mining a block was reduced to 1 minute and its total supply was made unlimited, unlike Litecoin which has a total supply of 84,000,000 LTC.

The current price of DOGE is $0.13. It has a market cap of $17,242,339,420. It was among the list of the top 10 ranking of cryptocurrencies. Currently, it is ranked #12.

Dogecoin recorded its all-time high of $0.7376 10 months ago. This was mainly because of the influence of Elon Musk. He has posted several tweets which led to the rise of DOGE. Other personalities that led to the increase in the price of DOGE are Mark Cuban, Snoop Dogg and Gene Simmons. Dogecoin's increase is mainly based on news and social media.

Currently, its price has fallen and failed to hit 1 USD last year. This broke the heart of many who had high hopes for it. I happen to be one of those ignorant many at the time.

Dogecoin can be found in many exchanges with different asset pairs like USDT, BUSD, BTC. You can trade DOGE in exchanges like Binance, Huobi Global, Gate.io, KuCoin, Kraken, Bittrex and many more. It is very popular and so it is listed on most exchanges.

Today, I wasn't quite sure what I felt for DOGE. DOGE is a token you can tell there would be an increase when there's news about it. The fall in the price of Bitcoin this week affected DOGE as well. Bitcoin found support, and so it was safe to assume DOGE would be bullish today. This is what I felt earlier this morning. I expected it to fall slightly and rise back up but now I'm not quite optimistic about it.

Currently, DOGE seems to be falling in price again and this is also because Bitcoin is falling. If Bitcoin breaks support, I think DOGE would fall in price until someone like Elon Musk saves it.

Following the fall in the price of Bitcoin and other assets, a new support level was confirmed. The majority of the crypto assets were on the rise yesterday; DOGE included. In my first post, I mentioned the methods I used in analysing assets. I identified the support and resistance levels and marked the chart for an entry.

The trade details would be provided in the next section. The price was in an uptrend, with the wave movement and the support and resistance levels, I identified a good entry and exit point.

I checked the chart of BTC to confirm the direction of the trend. After, I opened my Binance app and placed my order.

I chose to trade futures on Binance with DOGE. This contract allows you to make profits fast. It is also very risky. As an intraday trader, I prefer scalping and not holding assets for long periods. The futures asset is DOGEUSDTPREP. I chose to leverage x15 to yield more profits from my small capital.

My margin was 6.52 USDT. My entry price was 0.13191, TP was 0.13396 and SL was 0.12987. The price came down as I predicted and my order was triggered.

I switched to the lower timeframe and I noticed a reversal in the trend. I closed the trade on this signal. The trade history can be seen below.

I made a profit of 0.35090 USDT. Later on, I watched the chart as the price nearly hit my TP and retraced downwards. The price moving up, I was like, I was too hasty in closing the trade.

Later on, the price went down after it didn't hit my TP and hit my SL. I was like, well it's good I took the smaller profits to play safe.

Like I said earlier, DOGE is a token you buy according to the news. You have to be smart and sell-off with the little profits you make. This is because a massive fall in price is expected after the rise.

You can also buy its dips and wait for an increase and sell-off. This is the best I think you can do with DOGE. Identify the lowest prices within the week or month, buy and sell-off with an increase.

This token has no driving value. It is based on a joke and so it can't be trusted as a good investment. You can play smart with it and make profits. Also, Elon Musk, the driving agent for DOGE hasn't tweeted about it for a long while. Most people seem to have lost interest also and so I'd say just be smart with it.

Dogecoin Foundation is a non-profit organization formed in 2014 to provide support to DOGE. This foundation was quite inactive until 2021 when it was relaunched. The foundation is made up of members of the Dogecoin team.

Some prominent personalities in this foundation are Billy Markus, Max Keller, Vitalik Buterin and Jared Birchall. They act as advisors to the foundation and provide support to improve the value of Dogecoin. Elon Musk was replaced by Jared Birchall who now acts as the legal and financial advisor.

Today's profit was less than yesterday's, nevertheless, it's better to take the little the market offers than to give to the market. I've devised a way to maximize profits and not rush to exit trades by adjusting the stop loss when in profits. We go again tomorrow.