There are two types of cryptocurrency investors. The first category of investors are those who buy cryptocurrencies to hold for long periods of time. There is also an army of traders who buy and sell cryptocurrencies in days or weeks. Either way, everyone wants to get some return on capital. Here’s why short-term cryptocurrency trading makes sense:
Crypto assets are highly volatile, allowing for quick returns at the correct entry price
Many exchanges today offer leveraged cryptocurrency derivatives trading
There is a wide variety of legitimate coins to buy and sell after a short period of time.
If you’re looking to make short-term gains in cryptocurrencies, the coins below should give you some great options:
Algorand (ALGO) is among the top 50 cryptocurrencies in terms of value. After a period of decline, the coin appears to be on an upward trajectory again. We expect this uptrend to continue this week.
In fact, ALGO is likely to return around 10-15% before the end of the week. So for short-term buyers, you can enter at $0.4 or so. Leave when you are 10% of the green.
Apecoin, a popular NFT-backed coin, started trading just a few weeks ago. It managed to reach a market capitalization of around $2.4 billion. However, we believe that the APE still has many downside risks.
Right now, the coin is trading around $8.23. It is below a crucial resistance zone around $8.8. The coin will try to test this resistance in the coming days. However, it will likely be rejected and go back to $6. Enjoy it for a week or so.
There are also a few other coins that you can consider for short-term play. A buy of Decentraland (MANA) looks good, while a short sale of Tezos could offer decent returns as well.