How to Day Trade Crypto in 2024? [Step-by-Step Guide]

In the blink of an eye, Ravencoin surged by an impressive 18%, only to spiral back down within hours. Enter the realm of astute crypto day traders who seized the opportunity, deftly offloading the coin at its zenith. Thanks to its liquidity, swapping it for a more lucrative cryptocurrency proved seamless. Picture this: a flurry of traders opting for RVN to LTC exchange as Litecoin, having just taken a dip, beckoned with promise. Meanwhile, the savvy chose RVN to USDT, safeguarding profits with the stability of a secure tether.

But here's the enigma: How did these traders possess the uncanny foresight to know precisely when to sell and when to buy? How does one amass wealth within the fleeting hours of 2024? Join us as we unravel the most potent strategies and unveil the clandestine techniques of the swiftest crypto maestros.

Getting to Know Crypto Day Trading 

Crypto day trading, a prevalent and dynamic strategy in the crypto market, involves swiftly entering and exiting positions within a single day to exploit market volatility. Traders aim to capitalize on intraday price movements, strategically buying low and selling high or engaging in short-selling and covering at lower prices. This approach demands adept use of technical analysis tools like chart patterns, indicators, and trading signals.

Choosing a Crypto for Day Trading

In the realm of cryptocurrency day trading, the selection of coins holds a crucial key to unlocking the strategy's potential for success. While established traders often opt for more predictable options like Bitcoin and Ethereum, some diversify by exploring smaller altcoins that may present higher risks but also offer substantial returns. Here's a practical guide to selecting the right coin for day trading, using SingularityNET (AGIX) and Fetch.ai (FET) as illustrative examples:

Ensure the chosen coin has high liquidity, as seen in the available buyers and sellers. The AGIX vs FET liquidity battle, with AGIX at $6.9926 million and FET at $9.7187 million, exhibits that both coins are suitable for day trading.

Opt for coins with high volatility for quick price movements. SingularityNET's volatility is at 5.27%, while Fetch.ai's is slightly higher at 5.75%. Higher volatility can offer more trading opportunities, but it also comes with increased risk.

Delve deeply into both the fundamental and technical facets through meticulous research and analysis. For instance, fundamental and technical analyses indicate that both AGIX and FET have shown bullish trends recently. AGIX has a market cap of $375.66 million, while FET has a market cap of $432.35 million. Traders may consider these factors along with price trends, RSI, and MACD signals.

Keep abreast of industry news and events. Recently both coins have experienced a surge following their listing on OKX, a major exchange. This development indicates increased market enthusiasm and potential opportunities for day traders.

Ultimately, traders should consider their risk appetite, preferred trading strategies, and stay updated on the latest market trends. Both SingularityNET and Fetch.ai present viable options for day trading.

The Best Crypto Day Trading Strategies

Embarking on successful crypto day trading necessitates a strategic approach and a nuanced understanding of the market. Here are key strategies for maximizing gains within a single day:

Trend Riding:

This approach hinges on the trader's adeptness at recognizing prevailing market trends and leveraging them for short-term gains, harnessing momentum to secure profits.

Range Mastery:

Navigate the undulations of price within a defined range, strategically entering at the lower end and exiting at the upper boundary to capitalize on fluctuations.

Breakout Exploration:

Seize the moment when a cryptocurrency's value breaches a significant support or resistance level, indicating the potential for substantial price shifts.

Scalp Profits:

Engage in a flurry of small-scale trades throughout the day, leveraging minimal price fluctuations to amass profits steadily.

Each tactic necessitates meticulous analysis, shrewd risk management, and adaptability to swiftly changing market dynamics for triumphant crypto day trading.