There are two types of crypto investors. The first category of investors is those who buy crypto to hold for long periods of time. There is also an army of traders who buy and sell crypto within days or weeks. Either way, everyone wants to make some return on capital. Here is why short-term trading for crypto makes sense:
Crypto assets are highly volatile, allowing for quick returns with the right entry price
Many exchanges today offer leveraged crypto derivatives trading
There is a huge variety of legit coins to buy and sell after a short time.
If you are looking to earn short term profits in crypto, the coins below should provide some outstanding options:
Algorand (ALGO) is ranked among the top 50 crypto coins in terms of value. After a period of decline, the coin appears to be back on an upward trajectory once more. We expect this uptrend to continue this week.
Data Source: TradingView
In fact, ALGO will likely return around 10 – 15% before the end of the week. So, for short-term buyers, you can enter at $0.4 or thereabout. Exit once you are 10% on the green.
Apecoin, a popular NFT-backed coin, started trading just a few weeks ago. It has managed to shoot up to a market cap of around $2.4 billion. However, we think APE still has a lot of downside risks.
At the moment, the coin is trading at around $8.23. It’s below a crucial resistance zone of around $8.8. The coin will try to test this resistance in the days ahead. However, it is likely to be rejected and fall back to $6. Short it for a week or so.
There are also a few other coins you can consider for short-term plays. A buy for Decentraland (MANA) looks good, while a short-sell for Tezos could also offer decent returns.