With the crypto world and blockchain technology evolving to greater heights, many people have turned to crypto trading to boost their passive income. As this count keeps on increasing with each passing day, so does the competition to gain any and all profit in the market. For this, it is vital to keep track of the prices of various cryptocurrencies in the market. That’s where the price alert system comes in. In this article, we will delve into this price alert scheme and look into how you can easily set up a price alert for a certain currency in the market.
What Is Crypto Price Alert?
Crypto price alerts are push notifications that act like an alarm of sorts. It can either be sent to your device notification or can be set to send an email to you. This email or push notification helps alert the user about the price movements of a particular crypto coin in the market. It helps the users to keep track of the coin’s performance in the crypto market.
Instead of looking at a computer screen for a long period of time for the coin to reach a certain price threshold, the users can easily set up a price alert for the coin and go on with their day. Later when they are notified of a threshold breach, the users can easily act on their desire to sell or buy the coin.
How To Set Up A Crypto Price Alert?
Setting up a crypto price alert can vary with respect to the application or website you’re using. But the gist of it contains mainly four steps. Here, we are going to discuss these steps so you can easily set up your own custom price alert.
1. Choosing A Website Or App
The first thing you need to set a price alert is to choose a proper website or application that correctly tracks the market value of various cryptocurrencies. For this, you can conduct your own research by going through reviews and other crypto forums.
2. Create An Account
After choosing a legitimate platform, create an account using the essential credentials. If you already have an existing account in it, log into it.
3. Browse For Your Coin
The platform that you will use will likely track a large amount of coins in the market. Out of them, search for the particular coin that you like to track.
4. Setting The Alert
After finding your coin, look for a bell icon or price alert icon on that coin’s page. This will likely open a pop-up page asking for the type of alert you want to receive and the price threshold you want to set for the coin. Fill in these details and save your changes.
With this, you can successfully set your price alert for a crypto coin. Also, make sure that your notification settings are turned on or you won’t be able to receive your alert.
How To Create The Most Efficient Crypto Alert System?
Now that we looked into crypto alerts and how to set up a crypto price alert, let’s look into how you set up an ideal price alert system.
1. Clear-Cut Objectives
The first step in setting up an ideal crypto alert is to know what exactly you are hoping to gain from this price alert system. If you’re simply monitoring crypto prices and performance in the market, adjust the price monitoring accordingly. However, if you’re looking to buy some crypto, then you should set the alert for any notable price drops in the market.
2. Selecting The Best Tools & Software
Based on your objectives, choose the appropriate tools and software to easily monitor the price movements of your desired coin. If you like to do the monitoring yourself, you could use web scraping tools or you could use price monitoring software for a much streamlined experience.
3. Set Up Your Criteria
This step involves the selection of the cryptocurrency you want to monitor. It is entirely up to you to decide.
4. Setting Alerts
There are different types of alerts like price hikes and drop alerts. You have to also decide on how you want to get this alert. For instance, some people prefer emails over simple SMS or in-app notifications. After ensuring that your system is providing real-time updates, you’re all set. This last thing is especially crucial as the crypto market is an extremely volatile place where the price of a currency can drop at a moment’s notice.
5. Analyzing & Acting On The Data
After getting the price alert for a cryptocurrency, carefully go through it and take appropriate action. Whether just researching the market or making a purchase decision, timing is one of the crucial things in the crypto market. So, try to analyze and come to a conclusion as quickly as you can.
Final Remarks
In essence, price alerts are one of the most important tools in the crypto market. Whether you’re looking to trade in your currency or simply studying the market doesn’t market as they can be very useful in both these cases. In simple words, they help you make informed trading decisions. By successfully utilizing the different types of alerts, you can mitigate the risks in the market to a great extent.
However, there are also various cons associated with these price alerts like it being ineffective during a high volatility period and can even drive you to make an impulsive decision in the market. So, it is always better to logically analyze the results before putting your money on a crypto impulsively. Also, it would be better if you take into account the trends in the market during these times. For more information regarding trading and the crypto market, stay tuned.
