It’s the holy grail of crypto trading: how can you spot cryptocurrencies that could potentially be highly valuable before the hype – and everyone else – gets there? Sadly for those looking for a quick win, it’s impossible to know with any certainty whether a cryptocurrency is on the rise because the markets can be so volatile.
But what is possible is for you to get better informed and to pick up skills that allow you to spot market signals that might go on to indicate upcoming crypto legends. This blog post will explore how to spot crypto coins as they rise in value.
Read news and content
Crypto news sites are a good shout if you want to get more informed about what causes coins to rise in value. Financial news sites often explain what caused the likes of Bitcoin and Ethereum to rise – and while past performance is no guarantee of future value, it’s certainly worth being aware of these histories.
It’s also a good idea to make sure you’re with a good broker whose software and market access allow you to see a fuller spectrum of potential crypto assets to buy rather than a restricted range. Context, again, is critical here, and information sites like The Bull offer broker reviews that can help you along your way.
Use graphs and charts
Another way to keep an eye on the crypto markets is to check graphs and charts. The tools offered by your broker should be able to help here, as they can often allow you to range nimbly across price growth (or declines) in all sorts of crypto coins. Looking at growth on a day level, weekly level, or even longer can give you what you need to make an educated guess about where the asset might go next.
Rely on instinct
Finally, it’s worth keeping in mind that the markets are not pre-determined and that there’s no guarantee of success. This reality leads some in the crypto sector to think they are unlikely to get anywhere by relying on information and instead choose to use their instinct. It is sometimes what those who have been trading for decades prefer to do. They are, to an extent, still using information they’ve learned about how the market works. Still, often it’s just knowledge they have accumulated over a period of years rather than current news.
This route is certainly one to think about, but it’s not for the faint-hearted; most crypto traders will likely want to keep using the latest information they have at their fingertips rather than doing what just feels right. There are plenty of ways for traders to get the skills they need to assess rising crypto coins fairly. They could, for example, consume news and information, use charts, or even rely on their instincts. But what isn’t possible is knowing for sure which coins are likely to rise in value; that, unfortunately, is impossible.