DOGE/USDT Buy | S6T3 | Team Trading Contest Post for Reminane
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Hello crypto enthusiasts, this is a new week of the crypto academy and a new diversion as well, we are being required to analyze a token and carry out a real trade using the analysis we have gotten from the previous classes, I will be analyzing the DOGE coin.
For week 3, I will be joining the trading contest team of professor @nane15 and professor @reminiscence01, here is the contest entry.
Today, I will be analyzing the DogeCoin which is in category to the lists of meme coins.
Dogecoin is a digital coin built on a decentralized platform by a number of developers who intrigue in creating a meme coin, the coin was created inn the year 2013 by Billy Marku and Jackson Palmer, the coin was created based on the Shiba inu joke and had no seriousness with it, the dogecoin was a shitcoin which no one tends to see as a profitable investment not until 2021 when Elon Musk who happens to venture investment and likeness in the coin boost the coin to be one of the most popular meme coins of all time.
Dogecoin uses a similar consensus to that of bitcoin and litecoin, i.e they validate blocks using the Proof Of Work consensus, where individuals are rewarded for keeping the platform safe and as well validating new blocks, the Dogecoin blocks are validated every one minute, with a block reward of 10,000 DOGE per block, the dogecoin has no maximum supply yet, and there are billion of the dogecoin already in circulation.
Dogecoin can be used as a mode of payment on the most platform that accepts the cryptocurrency, for example, the Tesla motor accepts Doge as a mode of payment, dogecoin can also be traded on other several exchanges as well.
Dogecoin has a lot of popularity which thus cause it to be listed on the most platform, dogecoin can be traded on multiple exchanges such as Binance, KuCoin, Huobi Global, Bybit, and lots others as the currency also support several cryptocurrency pairs.
I have no optimism in the dogecoin today but its a coin have regards for long as I was once an individual who participate in the bullish moments when the coin was rising, but unfortunately, doge has dipped more than expectations as the coin is a shitcoin, a successful meme coin that has no seriousness behind simply because it was created for fun, nevertheless, I still believe in the do as the coin has some top influencer backing it up, doge has the popular support of billionaires like Elon musk whose tweet does plunge some serious bullish to the coin.
Doge as well has been accepted on the most platforms, the doge if possible might have a good uptrend in the nearest time, as doge has once gotten to the price of $0.7376 as at may last year, I believe as we are approaching the Month May soon, the coin can still do the same and we might see a great bullish movement when the time comes.
I will b carrying the analysis of DOGEUSD on the 15 min chart, where I was able to identify the support zone and resistance zone, after forming these levels, I get to notice a falling wedge formed in the DOGEUSD market.
After that, I added the TEMA indicator, otherwise known as the Tripple Moving Average indicator, the TEMA indicator is just about crossing the market to the top, and the market is now moving between the TEMA indicator, the TEMA length I made use of is the short length 15, which this tends to signifies me early of a bullish market after this was confirmed, I was able to confirm a Buy trade.
I took my entry to buy when I notices that the market might retrace to the upward movement and it was about to start moving up as the TEMA is about crossing from bottom to the top, I utilized a buy trade in a risk-reward of 1:1, as the stop loss was placed below the support zone.
I took my trade at the entry price of 0.132940USD, the take profit 0.137200USDT, my stop loss at 0.129500USDT.
A screenshot of the filled order is in the image below.
Yes, I do plan to hold the coin for long but not with this trade, I do have some dogecoin in my cold wallet which is still anticipating for the doge price to get to the value of $1 before I take profit, as predicted, we might likely saw what happen in Doge price n May 2021 to repeat it causing the price to hit All-Time High of $0.7, we can as well see the same movement in the doge price again.
So to justify my answer, I would prefer not to hold the particular trade Dogecoin for so long rather than trade it at Isolated 50x leverage on a 15 minutes trade and make a profit and fall out as quickly as possible in case the market goes the otherwise of my intraday trading.
Yes, I would recommend everyone to buy the Dogecoin when it is still bearish with the hope of the coin to hit $1 very soon by mid of 2022, the dogecoin might not be too safe to purchase, but instead, I had advised everyone to risk buying the amount they can afford to lose, barging lots of dogecoins is not a financial advisor, it is a meme coin and a shit coin at the same time, the doge can rug and dump at any time provided there is no utility the coin can offer anymore.
But still, the coin has some great advantages as it is generally accepted as a mode of transaction with a low transaction fee.
In this write-up today, I have analyzed the proper trading set up for the Dogecoin where I execute a buy trade at the point I witness the coin to wants to make a bullish movement as it is already making a retracement move from bearish, as well I get to confirm my buy entry with the TEMA indicator when I witness the TEMA to be traveling in between the market price and this shows a rising TEMA and a possibility of an uptrend movement soon.
cc;
professor @nane15 and professor @reminiscence01