A crypto base scanner is a tool that helps traders identify profitable trading opportunities by scanning the market for coins that have broken below their support levels. The device uses a unique algorithm to analyze market history and identify potential reversals. Once a reversal is identified, the crypto base scanner will alert the trader. This allows traders to take advantage of support areas and make profitable trades.
Unlike other cryptocurrency tracking tools, a base scanner provides a more comprehensive and real-time market analysis. It goes beyond just tracking the prices of cryptocurrencies and provides insights into market trends, trading volumes, historical data, and more.
This article will discuss it in detail, exploring their functionalities, significance, and role in enhancing crypto trading strategies.
This tool uses a unique algorithm to analyze market history and identify potential reversals.
The scanners use a variety of technologies to analyze the cryptocurrency market. These technologies include:
- Technical analysis:Technical analysis is the study of historical price movements to identify patterns that can be used to predict future price movements. They use technical analysis to identify support and resistance levels, which are important areas where prices are likely to reverse.
- Machine learning: Machine learning is artificial intelligence that allows computers to learn from data without being explicitly programmed. They use machine learning to identify patterns in market data that would be difficult to identify manually.
- Big data:Big data is the collection and analysis of large datasets. The scanners use big data to track and analyze cryptocurrency movements in real-time.
Moreover, these tools often use API (Application Programming Interface) connections to access and retrieve data from exchanges, ensuring the data is accurate and up-to-date.
How It Tracks and Analyzes Crypto Movements
The primary function of this tool is to track and analyze crypto prices. It does this by continuously monitoring the prices of cryptocurrencies on various exchanges.
The scanner analyzes the price data to identify patterns and trends indicating potential trading opportunities. For example, it may locate a sudden increase in trading volume or a significant price change that could indicate a potential upward or downward trend.
Moreover, some crypto base scanners also analyze historical price data to predict future price movements. Using advanced algorithms and machine learning techniques, the scanner can identify patterns in past price movements and use this information to predict future trends.
The Different Types of Data It Provides to Users
Crypto market scanners provide a wealth of data to users, which can be utilized to make informed trading and investment decisions. Some of the key types of data provided include:
- Real-time Price Data: This is the most basic type of data crypto scanners provide. It includes the current prices of cryptocurrencies on various exchanges.
- Historical Price Data: This includes the past price movements of cryptocurrencies. It is essential for conducting technical analysis and identifying patterns and trends in price movements.
- Trading Volume Data: This includes the amount of cryptocurrency traded on an exchange during a specific period. An increase in trading volume often indicates increased interest in a certain cryptocurrency and could indicate a potential price movement.
- Order Book Data: This includes the list of buy and sell orders on an exchange. It provides insights into the demand and supply of a particular cryptocurrency at different price levels.
- Market Sentiment Data: This includes data on the market’s overall sentiment. It is usually derived from social media, news sources, and other online platforms. Positive market sentiment often indicates a potential upward price movement, while negative sentiment indicates a potential downward movement.
By analyzing these different data types, traders and investors can make more informed decisions and develop more effective trading strategies.
Tips for Using a Scanner
To maximize the benefits of this tool, it is essential to choose the right screener, understand the best practices for using it, and be aware of common mistakes that should be avoided. This section will provide detailed tips and guidelines on each of these aspects.
Choosing the Right Scanner
When choosing a scanner, there are several tips that you should consider, such as the following:
- Understand Your Needs
Different scanners offer different features and functionalities. Some provide basic price data, while others offer comprehensive analysis, including market sentiment, trading volume, and order book data. Determine the data and analysis you require for your trading strategies before choosing a scanner.
- Check the Supported Exchanges
Cryptocurrency exchanges are platforms where you can buy and sell cryptocurrencies. Numerous exchanges are available; each may list different cryptocurrencies with different trading volumes and liquidity. It tracks and analyzes the movements of cryptocurrencies across various exchanges. This will ensure you can access accurate and comprehensive data relevant to your trading and investment activities.
- Consider the User Interface
The user interface is crucial for its usability. A scanner with a complicated interface may make navigating and understanding the data provided difficult, which may result in suboptimal trading decisions. On the other hand, a user-friendly interface will make it easy for you to navigate the scanner and understand the data provided. This will enable you to quickly and accurately assess the market and make informed trading decisions.
- Consider the Cost
Scanners come at different price points. Some are free, while others require a subscription. A scanner’s cost usually depends on its features and functionalities. A free scanner may provide basic features such as real-time price data. In contrast, a paid scanner may offer more advanced features such as market sentiment analysis, trading volume data, and order book data.
- Read Reviews
Online reviews and user testimonials can provide valuable insights into the performance and reliability of a scanner. Users who have used the scanner can provide feedback on its accuracy, user-friendliness, and overall performance. Reading reviews and testimonials can help you get an idea of the strengths and weaknesses of the scanner and help you determine if it is the right fit for your needs.
Best Practices for Using a Crypto Base Scanner
When using this screener, there are some best practices that you must adhere to get the best results. They include:
- Regularly Update Your Scanner: Regularly update your scanner to the latest version to ensure optimal performance and access to the latest features.
- Use Multiple Data Points: Do not rely on a single data point or indicator to make trading decisions. Use multiple data points and indicators to view the market comprehensively.
- Stay calm: While it is essential to have comprehensive data, keep yourself from overwhelming yourself with too much information. Focus on the key data points and indicators most relevant to your trading strategy.
- Verify Data: While scanners are usually accurate, verifying the data with other sources is always advisable before making critical trading decisions.
Common Mistakes to Avoid
Crypto traders often make mistakes when using a scanner. These mistakes can affect trades and, subsequently, profits. They include:
- Relying Solely on the Scanner: While base scanners are powerful tools, they should not be the only tool you use for making trading decisions. Use other tools and research to complement the scanner’s data.
- Ignoring Market Sentiment: Market sentiment is a crucial factor that affects cryptocurrency prices. Do not ignore market sentiment data provided by the scanner.
- Over-trading: A crypto screener provide real-time data that may prompt you to make frequent trades. However, over-trading can lead to increased transaction costs and may only sometimes lead to better returns. Be disciplined and stick to your trading strategy.
Following the best practices and avoiding these common mistakes increases your chances of making top trades and profiting from crypto.
Benefits of Using a Crypto Base Scanner
A crypto market screener is a powerful tool to help you navigate this complex landscape more effectively. Here are some of the key benefits:
- Identify Profitable Trading Opportunities
The crypto market is highly volatile and can change rapidly within a short period of time. This volatility can create profitable trading opportunities, but it can also be challenging to identify these opportunities in a timely manner. A scanner automatically scans and analyzes the movements of cryptocurrencies across various exchanges. It uses advanced algorithms to identify patterns and trends in the price movements of cryptocurrencies. This can help you identify potential trading opportunities more quickly and accurately.
Furthermore, a crypto base scanner provides a comprehensive market view by analyzing multiple data points such as real-time price data, historical price data, trading volume, and order book data. This comprehensive analysis can help you identify profitable trading opportunities you may have missed. For example, a sudden increase in trading volume or a significant price change may indicate a potential upward or downward trend. By identifying these trends early, you can capitalize on them and maximize your profits.
- Track the Performance of Different Cryptocurrencies
A key benefit of using a base scanner is tracking the performance of a wide range of cryptocurrencies across various exchanges. With thousands of cryptocurrencies in the market, it is challenging to monitor the performance of each one manually. It automates this process by continuously monitoring various cryptocurrencies’ prices, trading volumes, and other relevant data.
This feature is especially important for traders and investors with a diversified portfolio of cryptocurrencies. By tracking the performance of different cryptocurrencies, you can quickly identify which ones are performing well and which are underperforming. This can help you make informed decisions about reallocating your investments to maximize your returns.
- Save Time and Effort
Manually tracking and analyzing the movements of cryptocurrencies across multiple exchanges can be incredibly time-consuming and tedious. With thousands of cryptocurrencies available, it is almost impossible to track the movements of each one manually.
A crypto scanner automates this process by continuously monitoring the prices of cryptocurrencies on various exchanges and providing real-time data and analysis. This saves you significant time and effort, allowing you to focus on other important aspects of your trading strategy.
Moreover, it provides a centralized platform where you can access all the relevant data and analysis in one place. This eliminates the need to switch between multiple platforms and websites to access your needed information. With this tools, you can access all the relevant data and analysis in one place to create profitable trading strategies.
- Reduce Risk
The volatile nature of the cryptocurrency market makes it inherently risky. Prices can fluctuate quickly, and managing these risks effectively can be challenging. A scanning tool can help you reduce risk by providing real-time data and analysis on the movements of cryptocurrencies. This can help you identify potential downtrends early and take appropriate actions to minimize your losses.
For example, it may identify a sudden increase in sell orders or a negative market sentiment, indicating a potential downward trend. By identifying these trends early, you can take appropriate actions, such as selling your holdings or setting stop-loss orders to minimize losses. Moreover, by providing comprehensive data and analysis, it can help you make more informed decisions and develop a more effective risk management strategy.
- Stay Ahead of the Market
The cryptocurrency market operates 24/7, and staying updated on the latest market movements and trends can be challenging. A crypto base scanner provides real-time data and analysis, helping you stay ahead of the market. It continuously monitors the prices of cryptocurrencies on various exchanges and offers real-time updates on any significant changes. This can help you react quickly to market changes and capitalize on profitable trading opportunities.
Moreover, some scanners also provide market sentiment data, which can help you gauge the market’s overall sentiment. This can help you identify potential upward or downward trends and make informed decisions accordingly. You can capitalize on profitable trading opportunities and maximize your returns by staying ahead of the market.
- Improve Your Trading Skills
Using a crypto base scanner can help you improve your trading skills by providing comprehensive data and analysis on the movements of cryptocurrencies. By analyzing this data, you can identify patterns and trends in the price movements of cryptocurrencies and develop more effective trading strategies. Over time, this can help you become a more skilled and successful trader.
Moreover, a crypto base scanner can also help you develop a more disciplined approach to trading. It provides real-time data and analysis, helping you make more informed decisions and avoid impulsive trades. Creating a more disciplined and knowledgeable approach to trading can improve your trading skills and increase your chances of success in cryptocurrency.
Tools That Complement Market Scanners
A scanner is an invaluable asset for any trader, but its utility can be enhanced with other tools. For example, PlasBit widgets are set of tools that helps you understand the crypto market such as prices and news. Each tool offers features that can give traders a more comprehensive understanding of the market, help make informed decisions, and ultimately increase profitability. Here’s a detailed look at some tools that complement a base scanner:
A Crypto Price Ticker displays the real-time price of various cryptocurrencies, usually in a simple and easily readable format. It can be integrated into your desktop, mobile application, or even as a widget on a website. The benefit of a Crypto Price Ticker is that it provides an at-a-glance view of market prices, which is crucial for quick decision-making.
A Price Ticker running in tandem with a base scanner provides the immediate data you might need to confirm trading signals or patterns the scanner recognizes. While the base scanner provides in-depth analysis, the Ticker can offer an easily accessible, real-time snapshot of market prices, aiding in rapid decisions.
A Crypto Calculator is designed to convert one cryptocurrency to another or fiat currencies. This tool is especially useful for traders who deal with multiple currencies or want a quick conversion to their local currency. It generally includes real-time exchange rates and may even offer historical data for context.
A crypto calculator can help you quickly determine the actual worth of trading opportunities identified. Doing so can speed up the decision-making process and help you optimize the profitability of your trades.
A Crypto Coin List offers an extensive list of cryptocurrencies for trading or investment. It usually provides data like current price, market cap, volume, supply data, etc. This list can be customized to show only the coins you are interested in.
When used with a crypto base scanner, this tool can help you prioritize which cryptocurrencies you should focus on. Based on the scanner’s analysis, you can refer to the Coin List to quickly gauge the market condition of specific coins and decide whether they align with your trading goals.
The Crypto Profit Calculator allows you to input your investment amount, buying and selling price and then calculate your profit or loss. This tool is invaluable for setting price targets and establishing exit strategies.
In conjunction with a scanning tool, the Profit Calculator can offer a quantitative perspective on the trading opportunities identified by the scanner. Knowing your potential profit or loss beforehand allows for better risk management and aids in making informed decisions.
A Crypto Mining Calculator can be very useful for those not just trading but also mining cryptocurrencies. It helps to estimate potential profits from cryptocurrency mining by considering factors like power consumption, hash rate, and current market prices.
Though not directly related to trading, knowing the profitability of mining particular cryptocurrencies can offer you a different investment avenue. It provides another layer of analysis, allowing you to diversify your crypto engagement strategies.
A Crypto RSS feed provides real-time updates and news about the cryptocurrency market. Since market sentiment can dramatically affect prices, keeping abreast of news is crucial.
A Crypto RSS feed and a base scanner can offer you a 360-degree market view. While the scanner provides data-driven insights, the RSS feed keeps you updated with external factors that might affect the market, providing context to the scanner’s analysis.
The Fear and Greed Index measures market sentiment—whether traders feel fearful or greedy based on various indicators. It can be essential to gauge market psychology and potential reversal points.
This index can provide a unique perspective on trading opportunities when used with a crypto base scanner. For example, high greed levels in the index may indicate an overbought condition, signaling a potential market correction, which the scanner might corroborate with its data analysis.
Access to historical price data can be crucial for performing in-depth technical analysis. Knowing past trends and price levels can offer valuable context for current scanner results.
Historical price data can help you understand the significance of the scanner’s current analysis. It allows you to assess the long-term viability of trading opportunities and help you set realistic price targets.
A Crypto Tax Calculator helps traders and investors to calculate the taxes on their cryptocurrency transactions. It usually supports different tax methods and can generate tax reports.
While not directly affecting trading decisions like other tools, it complements the scanning tool by helping you understand the after-tax implications of your trades. Understanding the tax consequences allows you to make more informed decisions aligning with your financial goals.
A crypto base scanner is essential for any cryptocurrency trader or investor. It automates the process of monitoring and analyzing the movements of various cryptocurrencies across multiple exchanges, helping to identify profitable trading opportunities, manage risks, and stay ahead of the market.
Additionally, when used with PlasBit, such as a crypto calculator, profit calculator, and fear and greed index, it can provide a comprehensive perspective on the market, aiding in more informed and strategic decision-making.
Grow and keep your crypto safe and with SafePal Wallet.
In this SafePal fundamental analysis and price prediction, I will be exposing you to everything you need to know about SafePal.
From its mobile and hardware wallets to its native cryptocurrency.
And how investing in and using SafePal products and services could be one of the best crypto investment decisions you will make this year.
So, without wasting time, let’s start digging out everything there is to know about SafePal.
What is SafePal?
SafePal is a secure, sophisticated, and simple cryptocurrency software and hardware wallet. It enables users to buy, swap, trade, grow and manage their crypto assets with ease.
The company was established in January 2018 with the sole aim of making crypto secure, simple, and easily accessible for everyone.
SafePal is the first hardware wallet to be backed and invested in by Binance.
And it also holds the “unofficial” record of the first tokenised hardware wallet.
What that means is that it is the first hardware wallet to have a native token.
The company claims to currently have over 60,000 users from more than 80 countries.
And supporting 10,000+ different crypto assets in its software and hardware wallets. And this is being updated several times within a month.
Check out the below infographic to see how far SafePal has come since 2018 until now.
The company is based in Shenzhen, China. The “cryptocurrency hub” and “silicon valley of hardware and electronic production” in China.
The SafePal team
SafePal was founded by Veronica Wong (CEO), who is responsible for user acquisition and global market expansion.
Harry Zhang (CPO), is in charge of products planning and management.
And Leaner Zhang CTO), who heads the development of firmware, App and back-end technology.
The team is said to have 10 years+ combined experience in hardware, software, UI design, and cybersecurity.
Haven worked previously and maintaining connections with top technology brands such as Tencent, Huawei, and Samsung.
Watch the introductory video about SafePal and the team below put together by the Binance Labs.
SafePal Products and Services
What does SafePal have to offer? What are their core products and services that could be of any benefit to you?
We’ll find all that out in this section of the post.
SafePal is primarily a cryptocurrency wallet services and solutions provider.
Its wallet come in both hardware and software to cater to all your crypto assets storage and management needs.
From long term storage (hardware) to buying, receiving, sending, swapping, trading, investing, and management of your crypto assets (software).
Whatever your crypto assets storage and management needs are, SafePal got you covered.
And what’s more, the SafePal hardware wallet is the easiest and simplest to use.
It is equally the most secure and least expensive among its competitors, due to its competitive advantage of having low-cost access to cutting edge technology in its home town, Shenzhen, China.
List of SafePal products:
- The SafePal Software Wallet
- SafePal S1 hardware wallet
- The SafePal Cypher seed protector
- SafePal leather case
1. The SafePal mobile wallet
The SafePal mobile wallet App is more than just a wallet.
With it, you can buy crypto with cash via its fiat payment gateways such as Simplex.
The wallet is integrated with Binance so that you can easily trade like you would on Binance exchange.
Also packed into the wallet is the token swap functionality.
You can easily swap one token or coin for another with just a click of the button.
Did I forget to say that you can perform an instant swap of tokens from one chain onto another?
Yes! There’s an instant swap for ERC20 tokens to BEP2, ERC20 to TRC20, erc20 TO bep20 and vice versa.
Pretty cool, I must confess.
The app also comes with a dApp browser for accessing your favourite AMMs and yield optimizers from the major chains for your trading and yield farming operations.
Downloading the SafePal App
Also, you can easily pair your SafePal hardware wallet with the App and manage your assets seamlessly.
It’s worth trying out given how feature-rich the App is.
2. The SafePal S1 hardware wallet
What does one need in a hardware wallet?
- Absolute security
- Unlimited coin and token storage
- Easy asset management
- And affordable
The SafePal S1 wallets have some wow features that would impress even someone who doesn’t fancy hardware wallets.
Aside from the fact that the wallet supports over 20 blockchains and 10,000+ tokens (and counting.
The SafePal S1 hardware wallet also has a self-destruct mechanism that deletes your private keys when someone tries to physically break into the device or using the software.
It is also 100% offline and air-gapped cold storage with no Bluetooth, no Wifi, no NFC, or USB connectivity.
Making it nearly impenetrable to unauthorised persons.
Oh! and should I also tell you that it’s as affordable as it is slim. As small as the size of a credit card and costs just $40 (excluding shipping cost).
Click here for a comprehensive list of the SafePal S1 hardware wallet features, technical specs, price, and available offers.
If you need a hardware wallet, get the SafePal S1.
3. The SafePal Cypher seed protector
This is one item in their store that got me really thinking how cool SafePal is.
There’s this SafePal Cypher Seed Protection Board.
What does it do?
It is used to store and preserve your private key or seed phrase from corrosion, fire and heat damage, and other harsh conditions.
Above all, it is designed for easy installation and convenient storage.
And it is compatible with any hardware or software BIP39 wallet.
The current price of the SafePal Cypher seed protector is $45.
Some cool features of Cypher I cannot do without mentioning are:
- Cypher is made of premium 304-grade stainless steel
- It is fully resistant to water, fire, and acid
4. The SafePal leather case
Last but certainly not least in their product line is a $10 protective leather case for your SafePal S1 hardware wallet.
The case is said to be waterproof, anti-drop, and scratch-proof. Effectively protecting your wallet from scratches and bumps.
The case can also double as store credit cards.
The SafePal Token (SFP)
The SafePal Token (SFP) is a Binance Smart Chain (BSC) based BEP20 native token that fuels the entire SafePal ecosystem.
The token has a total supply of 500,000,000 SFP.
And was launched and distributed via Binance Launchpad on February 8, 2021.
The token was listed on Binance the same day at $0.1 per SFP and it pumped hard by over 1,800% within the first 24 hours to $1.9.
As at the time of writing this line, SFP is trading at $3.30 according to CoinGecko —just 48 hours after Binance listing.
But what is SFP used for?
SafePal Token (SFP) use cases
- SFP is used to get discounts on SafePal products and services.
- The token can be used to claim special coupon and enjoy higher yields on the SafePal Earn and Lending programs.
- SFP can also be used to claim limited SafePal NFTs, get airdrops of tokens from SafePal partners, staking and earning rewards.
- The will also serve as the governance token of the SafePal ecosystem. Giving holders the ability to propose and vote for new features on SafePal products.
SafePal Token (SFP) price predictions 2021-2025
How much will the SFP token be worth by the end of 2021 and through 2025?
The short and correct answer is, nobody knows!
However, we’re going to apply knowledge, experience, research, and some hopium to try and predict the price of SFP token by the end of 2021 and through 2025.
SFP price predictions
The price of a token is determined by both speculation and project fundamentals.
Sometimes speculation can take the driving seat and pump a token beyond mathematical and economic reasons.
But sustained growth can only be achieved by strong fundamentals.
The SafePal Token (SFP) got both factors working in its favour.
Being a Binance-backed project, listed on Binance from day one, and given its large community, there’s a lot of speculative money flowing through the SFP token.
The fundamentals are also very strong.
Wallets are an essential need of every cryptocurrency investor.
Whether you’re new or you’ve been here since the days of Satoshi, everyone needs a good wallet to store and manage their crypto.
And SafePal has a great product.
Its SafePal S1 hardware wallet beats competitors hands-down.
And the Mobile App is second to none in the space in terms of features and functionalities.
And remember this is all happening at a time the entire crypto market is experiencing a massive bull run.
Given the above analysis and the performance of the SFP token since listing, I am confident it will stabilise around $7 to $10 by the end of 2021.
For subsequent years I will assume a 100% YOY growth for the next 5 years.
And accounting for normal dips and market movements I feel safe expecting the SFP token to print these arbitrary price targets.
SafePal (SFP) price predictions for:
- 2022 = $10
- 2023 = $15
- 2024 = $20
- 2025 = $25
I personally don’t fancy hardware wallets but I must confess that I am impressed by the features of the SafePal S1 hardware wallets.
Its mobile App with a complete DeFi suite, trading, token swap, fiat on-ramp, and other awesome features you would hardly find in other existing wallets is a winner.
What’s more, the project is partnered with some big names in the industry.
And it’s backed by none other than Binance —the world’s largest and fastest-growing blockchain company.
But does all these mean investing in the SFP token and buying the SafePal S1 hardware wallet is good for you?
Only you can decide that for yourself.
What’s your thought on SafePal, its hardware wallet, and mobile App? Share with us in the comments section below.