I am reposting my article because it expired before it was curated. Dear professors, I will attach your homework evaluation screenshot below. Thank you.
This is my third trade post for the crypto academy trading competition week 2. As mentioned earlier, I joined with team Reminane led by professor @reminiscence01 and @nane15. Let's do our best to make our team shine. I would like to thank all the steemit team for organizing this kind of competition for the crypto academy lesson series.
In my previous trade posts, I traded more professional coins than the coin that I am going to talk about today. It’s considered a fun cryptocurrency. The coin is the Dogecoin. I hope most of you know about this coin very well. Dogecoin was created on December 6th, 2013 by using the very popular internet meme “Doge”. The logo of this coin shows a Shiba Inu dog.
Dogecoin was created by Billy Markus, Oregon and Jackson Palmer. These two wanted to create a different cryptocurrency than traditional currencies. This was formed based on the “fun cryptocurrency” concept. Originally, this currency was used to tip Reddit and Twitter users who create good content. The special thing about this coin is that it is loved by its community. The price of this coin has high variability. So, sometimes it’s very difficult to predict the price of this coin.
- Dogecoin can be traded on Binance, Crypto.com, Coinbase, Bitfinex etc.
Dogecoin has a market cap of over 17B. It’s highest price is recorded as 0.73 USD before 10 months at the time i write this post. The coin seems like in a bearish trend. This is mainly due to the bearish trend of whole crypto market. When a bullish trend appears, Dogecoin will rise again.
Lets look at some latest good news about Dogecoin. Here we can see, this coin will have a huge potential in the future. Lot's of billionaires like ellon musk are interested in this coin.
When we look at the 1 day chart of Doge/USDT chart on the trading view website, we can analyse the price movement using many indicators we learned from previous lessons of the crypto academy. In here, I chose the Ascending triangle and the parabolic SAR indicator.
As you can see, I use parabolic SAR with ascending traingle. We can see that the parabolic SAR changes it's direction giving us a signal for a possible price hike. This gives evidence that the ascendingtraingle also confirms my prediction of a price increase. SO I decided to buy Doge from this point.
I’m really into investing for long term. So, i bought dogecoin as a long term investment. Since the price of the coin is corrected significultly, I consider this as a good buying opportunity. Like my previous trades, i used my binance account to buy Dogecoin. I hope to store these coins for a long time for a possible price increase. Currently the price of this coin is 0.1288 USD. It is a significunt price discount as my opinion. The summery of my trade is shown below.
Price per coin = 0.1288 USDT
Coins I bought = 85
Date of order = 03.03.2022
Time = 22:29:05
Investments have both ups and downs. Cryptocurrencies are highly volatile. So we should do our investments bearing our own risk. I hope this Dogecoin have a really good potential for a price increase. So, I consider this as a really good investment. Someone may have a different opinion. But I hope this coin will rise. Because of this reason, I hope to buy some more Dogecoins in the future. I hope this coin will be a good choice who is looking for good crypto. But we should manage our risk as always.