In the recent years, the blockchain market has been bursting with activity. The number of cryptocurrencies has expanded from just a couple of coins to over 1600 coins in less than a decade. It is not surprising that more people are now investing in blockchain. Some prefer to invest in the more mature and stable coins such as bitcoin and Ethereum, while others are looking for startups. Whichever way you are looking to invest, information is important.
Before you think of pumping all your life savings into an ICO, you need to get some real-time information about market trends. The analysis of market trends presented in the most understandable way is the best way to settle on the best deals. Therefore, it is paramount to find the best cryptocurrency market analysis tool for your trading.
What To Look For In a Cryptocurrency Market Analysis Tool
1. The Ability To Provide Real-Time Data
Before you settle on any crypto trading tool, you need to ensure that it provides the information you need when you need it. Some trading platforms only upload data after several hours or even days. The best cryptocurrency market analysis tool should be able to provide timely information on the performance of each coin. Such a platform must have a strong background data analysis tools so that the information can be presented as soon as possible. Real-time data must be presented within minutes of occurrence so that you can make informed decisions.
2. Graphing and Charting
The simplest way to present cryptocurrency data is through graphs and charts. The best crypto analysis tool should be able to provide different chats and graphs that show real-time trade data. The graphs should be presentable in different formats and should be able to clearly demonstrate trends to the smallest detail. Such a tool should be able to present short time trends such as per minute data as well as long-term trends such as per day to annual data. With such elaborate data, you will be able to make informed decisions on which cryptocurrencies to invest in.
3. Give Regular Updates On Major RSI/MACD Calculations
RSI/MACD calculations will help you make important trade decisions. A cryptocurrency analysis tool should have a way of notifying you when there are major changes. Eg a MACD histogram that increases with RSI oversold formulas. The trading platform should use some sort of notification to alert users about such progress for all cryptocurrencies being traded.
4. New Coin Alerts
When there are new coin additions, the market analysis tool should be able to inform the users about the new coins. The tool should be able to break down any necessary information about the new coin including trade volumes and current trends. The alerts should be sent in a timely manner. Gaining profit in cryptocurrency trade is a matter of time, therefore, the information must be delivered on time.
5. Should Offer Multiplatform Use
Using an analysis tool that cannot be used on multiple platforms is such an inconvenience. We live in a fast-paced world. A good analysis tool should be usable on all desktop and all mobile devices. You should be able to analyze data anywhere you go. This is the best way to strike the best deals you need to be a successful cryptocurrency trader. Whilst Cryptolume works best via Desktop for the Platform, you can still enjoy cryptocurrency alerts via mobile with our tool.