[DOGE/USDT]-Steemit Crypto Academy | S6W2 | Team Trading Contest Post For Team Frontline
The project token 👇
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Well doge coin is a popular meme coin and more of a fun token which is being conceived to be a crypto asset which was created to poke fun at Bitcoin and doesn't really have that much use case like some other strong fundamental tokens but yet was among the best performing coins of 2021 largely due to Elon Must countless tweets about it often referred to as the doge father as his tweets was often accompanied by a spike in the doge price, this coin uses script technology and really do have a block time of just a minute it is based on a dog meme and has given rise to so many meme coins in the cryptospace.
Well this token well could very well be a meme but has helped in creating other memes which nonetheless meme coins have helped in bringing in more people into the cryptospace because of it fun nature i mean who doesn't like a good dog and a good meme nobody, created as a dog fun to poke fun at Bitcoin doge which was created in 2013 december 6th has proven to be a mainstay in cryptocurrency currently ranked #13 on coinmarketcap and #1 on the ranking of all meme coins
They are a host of exchange where doge coin is currently being traded and i will list out some they include binance, kucoin, huobi,bithumb,gate.io, bitfinix, coinbase pro among others
Well some notable people in doge include it's co creators Jackson palmer and Billy Markus both of whom are software engineers and some others also play a role in its developmet in 2013 such as Rose Nicole Michie lumin
Source of my optimistic about this Token today, and how long do you think it can rise?
Well doge may not really offer much in terms of user case but it has a strong community, it's user friendly and due to its fun nature it has drawn many into the cryptospace i mean at the end of the day it's still able to do what other currencies was designed to do to be used to facilitate transaction and it does this at a faster rate while requiring minimal energy a meme coin nonetheless but for a coin to be in #13 on coinmarketcap this shows that it's one of the most traded coin yes this is all through but don't really know if for today i am optimistic about it since i shorted it for very good reasons
Technical Analysis On Doge
I carried out a simple technical analysis on the price of doge on the 1 hourly timeframe and i saw the price point formed a defined descending wedge with a defined support and resistance line ofourse as the price was approaching the resistance line i kept watching observing if it will break the resistance line since it's a bullish pattern but as the chart shows immediately approaching the resistance line a red candle was formed on the 1 hour timeframe indicating downward movement and that the price has been rejected which could mean that atleast the support line should be tested again.
I used a 10× leverage i do believe that the price will retrace back to the support but based on how the market was can't be 100% certain of that so my takeprofit was placed a little above the support line with stoploss tightly above the resistance line, so i placed a sell or short order on doge perpetual, it was an order of $34.8 betting that the price from $0.125740 will go down this proof shows that 👇
Eventually my takeprofit was hit at $0.121220 with a realised profit of $1.437 so i was taken out of the market and the position closed
If My plan is to hold it for a long time or when to sell? (Here you should justify every point briefly.)
I do not have any plans of holding i am shorting on binance futures as for when am exiting it's either when my stoploss or takeprofit gets hit and it was activated actually in profit so i exited the market in profit.
If i recommend everyone to buy and the reasons for recommending/not recommending.
Doge coin though a meme coin lacking strong fundamentals has proven to be good investment as we see in the past year with huge returns but ofcourse it is a speculative coin one which often relies on the tweet on Elon Musk so for me though i don't see this or recommend this coin to anyone really i mean a coin which depends on the tweet of one man and not on fundamentals i hardly doubt is good for business but ofcourse this is the cryptospace we have seen crazy things happen even some times some of this meme coins showing to be more profitable than other strong fundamental coin but it's full of uncertainty so i don't believe it's a safe investment
Conclusion
I actually love this innitiave and appreciate the fact we are being given opportunity to showcase all we have learned in the academy so far and i do know many people may prefer trading on spot but i love the idea of futures trading makes it more real to so that's just it
My homework repost prof @abdu.navi03