Cryptocurrencies are digital or virtual currencies that operate independently of central banks or governments.
The value of a cryptocurrency is determined by market supply and demand, trading behavior on exchanges, and external factors such as news, regulations, and market sentiment.
Analysts use various strategies to predict price movements, including examining technical charts and indicators, keeping up with the latest news and developments in the crypto world, and using models that analyze past price performance and growth trends.
A candlestick chart is a common tool for visualizing price trends, showing four data points - opening price, closing price, highest price, and lowest price - within a specific time period.