Should I buy a crypto coin because the price went up a lot yesterday?

[Kross]

Price has always been an indicator and variable for people to get into buying a particular crypto coin or not.

Would it be the right approach to buy a crypto coin because the price went up so much the previous day?

 

[gwolf666]

Hi, I think it's not always a good idea to buy a cryptocurrency just because the price went up a lot the day before. Volatility in the crypto market is very high, and sometimes those rapid increases are just temporary movements or corrections after a drop. Buying solely based on an upward trend can be risky, as it doesn't guarantee that the trend will continue. It's important to do a deeper analysis, reviewing the reasons behind the price movement, the trading volume, and related news. It's also important to keep in mind that the price can rise significantly in the short term, but that doesn't mean the investment is safe or that it will continue to grow. The smartest strategy is to thoroughly research the project, understand its true value, and not be swayed solely by market momentum. Patience and analysis are key before making any purchase decisions.

 

[eLdavis]

I think it would be best to carry out more research first before you decide on buying the said coin.

 

[Nomad]

If you can hold your investment until market returns to favorable conditions, it is wise to invest in crypto

 

[Augusta]

You can but you have to know when to sell or trade for a profit. Just get expert advice before doing that.

 

[Stardom22]

A vivid research on the same is being needed to ensure the safety of your investments.

 

[SilverLance]

If you buy after a big pump, you're very likely buying near a local top, just before the price declines.