Trade DOGE in Futures Market at CoinDCX
Issued on: 09th Oct’23
Valid upto: 16th Oct’23
Category: Payments
Market Cap: $8.3 Billion
Price Update
DOGE price at the time of writing (09th Oct’23, 15:50) is $0.0589, with a 24-hour trading volume increased by 83% to $168 Million. DOGE price is down by 3.69% in the last 24 hours according to coinmarketcap.com.
Analysis
Analyzing the above chart:
- DOGE has been following a downtrend channel since the beginning of the year.
- In the one-day timeframe, it’s noteworthy that the price is encountering resistance at the 50 EMA, indicating a bearish sentiment.
- Moreover, the recent break below the significant support level of 0.05961 suggests the potential for further downward movement, possibly reaching lower support levels.
- A Short Trading strategy can be assessed between $0.0596-$0.0586 with an invalidation above $0.06215
- On the downside, one can see a fall of 20-25% toward $0.0560, $0.0515,& $0.0466 (valid for 7 days)
- Risk to Reward Ratio: 1:5 (Considering Target 3)
- It would seem that one should maintain a balanced risk-to-reward ratio and check the use of leverage and position size to ride out current market conditions.
Note: DOGE is now available in the futures market in both CoinDCX and CoinDCX Pro apps with up to 15x leverage.
Last 30 Days Analysis Summary
| DATE | TOKEN | Strategy (Long/Short) |
TOKEN RETURN% | TOKEN RETURN % (with 8x leverage) |
BTC RETURN% |
| 12-Sep | LPT | Long | Not considered(flat) | ||
| 13-Sep | RUNE | Long | 22.27% | 178.13% | 2.13% |
| 15-Sep | MKR | Long | 13.97% | 111.80% | 3.08% |
| 18-Sep | AAVE | Long | 10.00% | 79.96% | 1.65% |
| 18-Sep | LINK | Long | 8.29% | 66.30% | 0.43% |
| 21-Sep | LDO | Short | 6.08% | 48.62% | -3.22% |
| 25-Sep | WLD | Long | 9.10% | 72.81% | 0.88% |
| 27-Sep | MKR | Long | 13.25% | 105.98% | 3.56% |
| 27-Sep | C98 | Long | 9.04% | 72.33% | 5.61% |
| 3-October | MATIC | Long | 7.69% | 61.52% | -0.25% |
| 3-October | WLD | Short | 8.65% | 69.21% | -1.71% |
| 4-October | AVAX | Long | 12.84% | 102.72% | 2.19% |
| 5-October | AAVE | Long | -5.80% | -46.40% | -0.16% |
| 5-October | MKR | Long | Trade is live | ||
| AVERAGE RETURN | 9.61% | 76.92% | 1.18% | ||
| SUCCESS RATE | 92% |
Return % is calculated based on pricing data as available on the platform and is valid for 15 days from the date of publishing.
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