Reading live charts is an important ability to have if you want to be successful in trading cryptocurrencies since it allows you to make more informed decisions and increases your odds of being successful. Live charts offer traders real-time data on the price, volume, and other indicators of a specific cryptocurrency. This data enables traders to analyze trends and make trades based on the best available information.
Let us provide an example of how to read live charts for the SOL vs HBAR trading pair on a candlestick chart:
1. Choose the right chart: Traders usually make use of candlestick charts as opposed to line charts or bar charts due to the fact that candlestick charts can provide more in-depth information. This particular kind of chart displays not only the starting and closing prices but also the highest and lowest prices that occurred within the specified time period.
2. Analyze trends: According to the data presented in the chart you find, an upward trend has been present for the SOL/HBAR pair from the beginning of this year. In spite of this, there was a substantial drop in the price of the pair at the beginning of April, followed by a period during which the price remained quite stable.
3. Monitor volume: When looking at the chart, you can see that there was a big increase in volume throughout the period in which there was price consolidation. This indicates that there was a lot of interest in the market despite the fact that there were no significant price moves at this time.
4. Use indicators: The RSI indicator on the chart reveals that the SOL/HBAR pair was in the oversold zone at the beginning of April. This oversold territory may have been a contributing factor in the subsequent price comeback.
In addition, the MACD indicator demonstrates that a bullish trend has been present in relation to the pair since the middle of March, with the signal line remaining consistently above the MACD line.
5. Keep an eye on news and events: It is possible that the announcement of a partnership between Solana (SOL) and Chainlink (LINK) at the end of April to introduce decentralised oracle solutions to the Solana ecosystem led to the subsequent price spike for both Solana and the SOL/HBAR trading pair.
A trader may be able to make better-informed judgments regarding when to begin or quit a trade when they keep track of pertinent news and events and do an in-depth analysis of the live chart for the SOL/HBAR trading pair. However, it is essential to keep in mind that trading entails risks and that one’s previous performance is not necessarily indicative of one’s future outcomes.
Where can I trade this crypto pair?
Finding a trustworthy cryptocurrency exchange can be a challenging endeavor, particularly in light of the myriad of options that are currently available. However, there is one key aspect that separates a reputable exchange platform from the rest of the competition, and that is security. Prior to selecting an exchange, you should make certain that it possesses stringent security features, like two-factor authentication, SSL encryption, and cold storage for cash.Â
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Don’t compromise on safety in order to reduce the amount of money spent on transaction fees. A reliable platform for currency exchange should put your cash’s protection ahead of any other concerns. Before settling on a choice, it is essential to conduct a thorough study of the safety measures offered by each and every exchange you are considering using.
