LIVEI see a lot of people asking which token to invest in for a profit so here’s a few tips & researching methods for spot trading:
▶️ Understand the circulating supply, the total supply, the market cap, the tokenomics and the technology of the tokens (I’ve written a detailed explanation on this here ).
▶️ Note that tokens with low market cap would be the most profitable, however they are just as high risk too.
▶️ To be profitable, always invest when the market is down.
▶️ For quick profits, learn about the trends of the tokens you’d like to invest in, i.e., look at their 24h highs, and 24h lows (for quick profits), as well as their all time highs and all time lows.
Also, check how long it has been since the last time high and low. (That can give you an indication of how the market is moving) then make your judgements accordingly.
HERES A DETAILED EXPLANATION USING A TOKEN AS AN EXAMPLE:
$NEAR has a market cap of $7B (which is a quite high market cap and is ranked at 19.
It’s a “mid” risk token.
It reached an ATH of $20.44 in Jan 2022, and ATL of $0.526 in Nov 2020.
However, since then the value has dropped significantly, it is now trading around $6.5-7.
The 24h High (at the time this post was written) is $7.23 and 24h Low is $6.607, now looking at these values, I have to try and invest when I think the token is at the lowest value possible to earn the most reward.
However, there’s no guarantee that the value would go down to $6.607 again, that’s why I set something called “alerts” to notify me when the value reaches a certain number, i.e., $6.7 or crosses $7.2.
Then I buy or sell accordingly for quick small profits.
Make the best judgement given the trends in the market. Read crypto news to stay updated!
*Always do your research before investing and don’t blindly follow the tokens people are promoting or hyping.
Feel free to ask any (clarifying) questions!
LIVE