Analysis tools have been playing important roles for traders, especially persistent traders. For that reason, Analysis platforms started implementing new functions and features into their programs. Also, charts with different metrics on analysis tools are up-to-date constantly. Moreover, some analysis platforms started analyzing social media for new metrics like social dominance and social trends—more on that later.
In this article, we’re introducing the best trading analysis tools in the field to start with. Also, we have reviewed them so you can have a closer look at each one of them.
Santiment is a comprehensive market intelligence platform for cryptocurrencies, focusing on clean and reliable data feeds, low-latency signals and custom market analysis. Leveraging on-chain, social, development and other data sources.
LunarCrush uses artificial intelligence and machine learning to analyze cryptocurrency data from dozens of sources to reveal valuable insights you can use to make confident, data-driven trading decisions.
Dune is a web-based platform for querying Ethereum data by using simple SQL queries from pre-populated databases. Rather than writing a specialized script, you can query the database to extract almost any information that lives on the blockchain.
CoinGecko is a cryptocurrency ranking website that provides a 360-degree overview of the standing of cryptocurrencies. The cryptocurrency ranking is quantitatively and qualitatively evaluated based on public data collected from the internet.
Technical Indicators: You’ll find many supported technical indicators in analysis tools, and you can use them seamlessly on your charts.
Metrics: Different metrics will be available with over 10 years of data like market cap, volatility, market share, and more. Also, having that amount of metrics in one place will help you getting an overview of how the market is moving.
On-Chain Data: You’ll get access to accurate graphs of on-chain data like the number of transactions per day, amount of coins transacted, and more. On-chain data is public. Meaning, the information you’re getting is transparent and accurate.
Social Analysis: Social media is related to market movements. Also, it can move the market itself. Social analysis keeps you ahead of the market changes. View different reports and metrics like social dominance, social trends, trending words, and more.
Technical indicators are a chart analysis tool that helps traders understand charts and analyze them. Mainly, technical indicators are used to generate buy/sell signals. Thus, traders can act on price changes and make decisions.
Technical indicators come within most of the analysis tools platforms, and you can easily apply any of the supported technical indicators on your chart.
Like any other metrics, trading metrics are performance measurements based on historical data that’s graphed in a chart. There are hundreds of trading metrics that you can use with data that gets up to 10 years. However, processing that much data is a hard job for humans.
On the other hand, analysis tools managed to accumulate over 10 years of data for different metrics that you can seamlessly view and edit with different tools. Some of the popular trading metrics are market cap, market dominance, and volatility.
On-chain data is based on on-chain transactions. Further, On-chain transactions are transactions that miners validate and considered valid only when the blockchain is updated.
On the blockchain, each block has all the new transactions recorded on that block with all the information regarding each transaction like amount, public addresses, miner fees, and more. Analysis tools retrieve data from the blockchain. Meaning such data will be transparent and accurate.
There no doubt that social media plays a major role in moving the market. For that reason, many platforms started applying algorithms to analyze social media posts inside and outside the cryptocurrency community.
On such platforms, you will get different social metrics like social dominance, socials trends, social engagement, and more. Furthermore, they display the most trending words in social trends, which will refer to how the market is moving.
Finally, we’d love to hear from your in the comments section below, chat with us about your thoughts on analysis tools. we’ll be waiting for your comments.