Crypto Academy Week 10 - Homework Post for [@stream4u] …

INTRODUCTION
Hello Friends,
I'm so grateful to be a partaker of steemitcryptoacademy. Today I'm here to present my Homework post on the topic : "All About Price Forecasting" that was given by professor @stream4u . In this post, I will discuss about one of the following homework task below:

1. What Is Price Forecasting?
2. Discuss on why Price Forecasting is needed?
3. What Methods are best you feel for Price Prediction/Forecasting.
4. Take any Crypto Asset Chart graph and explain how to do Price Forecasting? OR Take any Crypto Assets Chart graph & as per its current price tell us what will be its future price for next 1 week or 1 month? You can predict for any direction up or down but explain it properly on what basis you have predicted the price.

What Is Price Forecasting?

Pixabay

Price Forecasting is a means of predicting the price of asset/commodity by a way of using different factors like trends, demand, and other commodities prices. In a nutshell price forecast is looking at the future of the future of the price of asset. Price Forecasting play a vital role in driving Investment success. It helps minimize uncertainty and anticipate change in market as well as improve the knowledge investors in understanding market capitalization.

Discuss on why Price Forecasting is needed?

For an investor or business to operate smoothly, it needs some idea of what the future will look like. Price forecast help in providing this look as a means upon which to plan for the future. Every investors benefits from the use of price forecast. This means that price forecasting is highly needed to forecast when price is low and when it's high. It is also needed for accurate cash flow, production, financial management and staff. As I have already stated it's needed to help reduce uncertainty and anticipate change in the market.

Price forecasting is also needed to tell when to invest and when not to invest. Senior managers, investors and finance teams make use of price forecasting to prepare and evaluate financial plans, capitalize on production, and evaluate needs and logistics. Finally price forecasting is needed when making critical decisions on how resources can be allocated.

What Methods are best you feel for Price Prediction/Forecasting

Quantitative methods: qualitative method is the best that I feel for price prediction/Forecasting. This method depend on data, time series or historical in price forecasting. In businesses it's most used whenever product is available and stable. The quantitative method is recognized by it trends, patterns, and also change in figures using mathematical technique in performing forecasting.

Take any Crypto Asset Chart graph and explain how to do Price Forecasting? OR Take any Crypto Assets Chart graph & as per its current price tell us what will be its future price for next 1 week or 1 month? You can predict for any direction up or down but explain it properly on what basis you have predicted the price.

Screenshot from Coinmarketcap

Looking at the current price of Dogecoin above which is $0.318883 USD at as today 20 March, 2021 with a trading volume of $25,181,576,993. Although Dogecoin went down to 18.77%. In the next 1 month from now which is may, the price of Dogecoin is expected to reach $0.0854225 and hit $0.0612872 on the lower side. The price is expected to float around $0.0708252 towards the end of the month. also, the I'm expecting dogecoin to reach $0.0866733 in July. The minimum is forecast to be $0.0621377. Before the end of march, Dogecoin will reach $0.0413386 which is 1 week and some days from now.