2 signs that it’s good time to buy cryptocurrency
If you’ve been investing in cryptocurrency for some time already, You should already have some experience in cryptocurrency trading. In this article we would like to share 2 good tips with you, that could help you to spot a good digital currency at its start.
#1. Consecutive winners on a pullback
Let’s take a look at the cryptocurrency Monero. All-in-all, Monero price has been steadily running up during the past several months, and actually it’s a long trend. This digital currency works great both for short and long-term investors.
Yes, there have been many short uptrends, and a pullback followed each time. But even in spite of these pullbacks it continues to slowly grow. Such trend can be seen ever since they launched their ICO.
Recently there’s been a huge uptrend, the biggest uptrend in its history, and now there is almost 50% pullback. You may think that this cryptocurrency is going to fall and it will never grow back again, but you would be wrong.
A healthy cryptocurrency must have some pullbacks, this is how things normally go. And this huge pullback means that most likely it will grow to the new heights in the future, just like it’s done in the past.
If you see a cryptocurrency that is steadily growing without any pullbacks, this is a reason to think twice before you buy this digital currency, because there can be something wrong with it. Most likely in the nearest future it is going to fall and it will never rise again.
#2. 50% pullbacks
Let’s take a look at Monero once again and talk about this 50% pullback. This tip would be good for those who make their bets on short terms, rather than on long ones.
A 50% pullback is an incredible sign for investing in cryptocurrency. If you find such a digital currency, make sure that this is not an instant drop, a nice steady correction should follow right after it.
Let’s take a look at the NAV coin. This is exactly what you will see here, especially if you compare it with the speed of its growth.
At the highest peak its price was almost 40,000 satoshi, and now it’s fallen back to about 20,000. This is the perfect perfect example of 50% pull back of the price.
But keep in mind, that this sign doesn’t make it 100% guarantee that you should continue investing in cryptocurrency and that it will win in the end. There have been some examples of digital currencies that had their 50% pullback and didn’t grow back again. However, they were few, and the common forecast is about future growth.
Conclusion
So these are 2 tips that can help you to spot a winner on the digital currency market. Watch closely the cryptocurrency rates and make the purchases that have better chances to win in the future.
The cryptocurrency trading platform cryptoswitch.io can help you with that. You can find here the best cryptocurrency rates to make your profits.
