Most investors get acquainted with the world of cryptocurrency through bitcoin, the leading digital means of payment. However, later they start taking an interest in other coins. In general, investors are attracted by the altcoins. Experts warn against errors when investing in this cryptocurrency, and give advice on how to minimize risks in this situation.
Invest in an altcoin during the ICO
According to experts, you should try and get in a presale or buy early in the ICO to get bonus tokens. Right when the coin hits the exchange watch to see if it immediately spikes. If it does, sell when you have made what you feel comfortable making. There is a good chance that the coin will not spike when it hits the exchange. If you had gotten the coin at the presale price then you will still make a profit of 50% – 100% depending on the deal you got. When you are using this strategy, experts suggest buying into a few coins and not putting all your cash into just one.
Wait for a coin to hit the exchange and buy it when does its initial dip
Some analysts believe that you will most likely get it cheaper than anyone from the ICO sale. The reason a lot of these coins dip when they hit exchanges is because presale buyers and those that received free coins for helping market the ICO are dumping coins on the market. This may skew the actual market cap of the company.
It is worth turning to technical analysis
Let the altcoin hit the exchange and watch it through its initial spike and dip. Analyze the charts and see how it starts to move against chart indicators such as MACD, Signal and basic technical charting. See if any candle chart patterns form that will give you an idea of its direction. Watch the volume to see if it is increasing or falling. Continuously judge the market cap against other coins to determine if the coin is over or undervalued. For this strategy you can also do a lot more research because this is more of a longer term method (not necessarily long term or buy and hold). Check the company website for updates on their roadmap as this will affect the coin price, sometimes drastically.
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