DOGE/BUSD Buy -Crypto Academy / S6T3- Team Trading Contest Post for Frontline
Hello steemians, I would love to join Prof. @shemul21 to welcome each and everyone of us to week one of the crypto academy trading competition. Today, I will be trading DOGE/BUSD pairs on spots trading to make some good profits. If you reach the requirements, you could join me to do same by reading up the competition rules on this link.
Introduction to DOGE
DOGE coin is a meme token that had thrived in a massive bull run last year, offering its users profits in thousands of percents. Doge was founded by two engineers, Billy Markus and Jackson Palmer in 2014. Back in the day, there were a lot of clone coins built to imitate a project and make some money. Doge coin was one of those clone coins but the founders invented it as a joke to mock other clones coins that were taking things really seriously.
Before mining was made public to anyone on the doge network, there was no previous block mined for block rewards by the founders, no initial coin offering and the block rewards ranged from 1 DOGE to 1 million DOGE. All these are to show you how unimportant Doge was to the founders. It was just a joke.
At a time, there was an issue on the platform about the fact that some miners found loopholes to receive excess DOGE and these made other miners to receive less. Because of this, DOGE had to merge with Litecoin’s POW consensus mechanism in order to have a structured and secure platform. The mining rewards were fixed at 10,000 DOGE per block. DOGE has a transaction speed of 30 transactions per second and a completion time of 1 min.
Over the years, DOGE had just one usecase, to be used as a means of exchange. It has no smart contract capabilities. After some time, due to the promotions by Elon Musk and other institutions, there was a surge in the price of DOGE, leading it to top ten coins in the world. This was before other meme coins came about. Currently, DOGE is number one meme coin on the charts.
DOGE is ranked12th with a market cap of $17,847,234,274 and a circulating supply of 132.67B billion DOGE. It’s current price is $0.1354 and if we look at the above image, in the last year, DOGE has attained a high of $0.7376 and a low of $0.05227.
DOGE can be traded on the following exchanges.
- Binance
- Kucoin
- Huobi
- Gate.io
- Coinbase
- OkeX etc.
Well, I'm just here to do some intra-day trading and take out some profits. I did some analysis and figured out the price may go into an uptrend so I decided to make a buy order
From my analysis chart above, I used the support and resistance price action technique with the bollinger bands and parabolic SAR on a 15 mins chart.
As you can see above, price broke the resistance level and I watched to see if there was going to be a reversal, There wasn't, instead the parabolic SAR indicator remained under the price. From these, I placed my buy trade.
- First, I made a buy trade at the market price on spot trading DOGE/BUSD.
- I changed the trade type to an OCO trade in order to include my take profit price and stop loss. We should all note that, when using the OCO feature, for buy trades, you trade on the sell side and for sell trades, you trade on the buy side.
On the trade,
Entry: $0.1326
Take profit: $0.1340
Stop loss: $0.1312
If you look at the chart above, price broke the resistance level and hit my take profit.
I won't recommend everyone to buy and hold DOGE.
Its a meme coin: Meme coins are designed to be traded with and not to be used as a store of value. For coins like the DOGE which is listed on a lot of exchanges, it is quite a strong asset but it's still a meme coin. It doesn't really have any usecase or a project behind it which would cause the need to buy the token.
To me DOGE should just be traded with the hype with an amount of money that can't hurt your finances.
Today, I made a buy trade on DOGE/BUSD trading pairs and I learnt a lot while doing that. I so much thank all the Profs for teaching me all I know
CC: @shemul21