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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market
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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

This Litecoin Indicator Just Crossed A Critical Level — Here’s What Happened Last Time

Opeyemi Sule
Opeyemi Sule
4 weeks ago
2 mins read
Litecoin

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The price of Litecoin has been one of the brightest spots in the altcoin market over the past few weeks, jumping by more than 30% so far in the month of July. The LTC price, however, barely made a dent over the past week, mirroring the sluggish state of the crypto market in recent days.

Nevertheless, the future still looks quite promising for Litecoin, with several analysts backing the cryptocurrency to embark on an extended rally over the next few months. In one such evaluation, a market expert on X has said that the price of LTC might be at the beginning of an upward rally.

LTC Price Soared 11,900% Last Time This Happened 

In a July 26 post on the X platform, Chartered Market Technician (CMT) Tony Severino put forward an exciting prognosis for the price of Litecoin. According to the crypto expert, the altcoin appears on the verge of what might be a defining upward run in the coming months.

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This projection is based on the recent movements of the Litecoin Average Directional Index (ADX) on the monthly timeframe. Average Directional Index is an indicator used in technical analysis to determine the strength of an asset’s price trend.

The ADX indicator evaluates the strength of a price trend by measuring the degree of directional movement. These calculations are based on a moving average of price range expansion and contraction within a given timeframe.

Typically, when the Average Directional Index is below 20, it implies that the market is consolidating or moving sideways. However, when ADX moves between 20 and 25, it signals that a trend might be forming for the asset. Meanwhile, when the ADX rises above 25, it confirms the formation of a strong trend.

Litecoin
Source: @TonyTheBullCMT on X

Severino noted that the Average Directional Index on the Litecoin monthly timeframe is now above 20, meaning that a trend is forming. Meanwhile, the positive Directional Indicator (DI+) found a support cushion at the ADX line and is now rising.

This trend is similar to the one seen in 2017, where the ADX also crossed above the 20 mark and offered support to the DI+ (green line). This phenomenon was followed by a rally that saw the Litecoin price travel from around $3 to as high as $360 (an astounding 11,900% rally).

Hence, the price of Litecoin could confirm the start of a strong rally if the ADX keeps rising and eventually sustainably breaches the 25 threshold

Litecoin Price At A Glance

As of this writing, the price of LTC stands at around $114.61, reflecting an over 1% increase in the past 24 hours.

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Litecoin
The price of LTC on the daily timeframe | Source: LTCUSDT chart on TradingView
Featured image from PayPal, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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