weekly dogecoin price analysis based on traders behaviour
Dogecoin is a native coin of the dogechain network which was created mainly to reward content creators and whose transaction takes place from one dogecoin address to another without involvement of a third party thus is being considered to be decentralized. Dogecoin has a huge community of traders thus is well tradeable. On Monday, the 16th of March 2020, dogecoin started trading at around $0.0014430. By Tuesdays the same week, one dogecoin had managed to rise all the way to around $0.001688 followed by a slightly dropped to $0.001544 on Wednesday. As on Friday, the price rises again all the way to around $0.001857 and has managed to maintain over there. This increase in price has been due to the number of sellers exceeding the number of buyers thus causing dogecoin market to gain an upward market pressure where it moves with few number of buyers so that it profits with them and makes many sellers make some losses. This market behaviour of dogecoin can further be explained based on traders behaviour as follows;
Traders behaviour
Dogecoin has a huge community of traders and therefore has a high liquidity providers. This makes it to be well tradeable in both downwards and upwards direction and still makes its community of traders be able to profit in both direction. Therefore, we can say that when the dogecoin market is trending upwards, that will be an indication that the number of sellers are more than the number of buyers. Because of this, the dogecoin market exerts an upwards market direction where it moves upward with few number of buyers so that it profits with them and makes many sellers make some losses. On the other hand, when the dogecoin market is moving downwards, that will be an indication that the number of buyers are more than the number of sellers. This makes the dogecoin market to resist moving upwards and gain a downwards market movement where it moves downwards with few number of sellers so that it profits with them and makes many buyers to make some losses. Since the market shows a possibility of bullish market on Monday, we can therefore explain the bullish weekly market for dogecoin as follows;
1. Dogecoin bullish market based on traders behaviour****
In a bullish market, the dogecoin will be moving in an upwards direction. Towards the beginning of this week, one dogecoin started trading at around $0.0014430. By Tuesday the same week, the dogecoin had managed to rise all the way to around $0.001688 but later dropped to around $0.001544 on Wednesday. By Friday the same week, the price rises again to around $0.001857. This increase in price has been due to the number of sellers being more than the number of buyers thus causing the dogecoin market to gain an upward market direction where it moves upward with few number of buyers and profits with them. This is indicated as from the candlesticks chart below;
The above is the dogecoin market in terms of USDT. Two points are being indicated. There is point A and point B. Before point A, the dogecoin market can be seen to have been moving upwards all the way to around $0.001850. This upward market movement has been due to the number of sellers being more than the number of buyers. This makes the market to exert an upward market movement as indicated above. The number of buyers then exceeds the number of sellers thus causing the dogecoin market to resist to continue moving upwards and reverse and starts moving downwards with few number of sellers donwnward to point A at around $0.001750. At point A, the number of dogecoin sellers again exceeds the number of dogecoin buyers thus causing the dogecoin market to gain an upward market pressure again where it moves all the way to point A at around over $0.001814. In one week time, if the number of sellers will continue exceeding the number of buyers, then the dogecoin market will continue moving upwards. By Monday next week, there is possibility of the market to move to around $0.002520 if this will continue. As a dogecoin trader, this is the right time to buy some dogecoin and sell it on Monday next week when the market has reached $0.002520. Make sure to apply risk management while purchasing a given amount of dogecoin with your USDT balance if you want to make good profit
Summary
Dogecoin is a native coin of the dogechain network whose transaction takes place from one peer address to another.
Towards the beginning of Monday the 16th march of 2020,one dogecoin started trading at around $0.0014430. By Tuesday the same week, the price had managed to go as high as $0.001688 buy later dropped to around $0.001544 on Wednesday but later rises to around $0.001857 by Friday. Although there is a pandemic for corona virus which has caused the price failed to rise, there is still a possibility of the price to continue moving upwards. The upward movement to $0.001857 was due to the number of sellers exceeding the number of buyers while a drop again to $0.001750 was due to the number of sellers exceeding the number of buyers. Therefore, we can say that when the number of dogecoin buyers are more than the number of sellers, then the market will move downwards with few number of sellers while when the dogecoin sellers are more than the number of dogecoin buyers, then the dogecoin market will move upwards with few number of buyers. Therefore, there is possibility of the dogecoin market to move upwards until Monday next week.
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