Litecoin’s (LTC) price performance has been a bright light in the altcoin market, boasting over a 30% increase within July. Despite the recent stagnation in the crypto market, LTC’s price barely faltered, hinting towards a promising future. A growing consensus among analysts suggests that Litecoin is poised for a sustained rally in the months ahead.
In a recent analysis, a renowned market expert on platform X has suggested that Litecoin’s price could be on the cusp of a significant rally. The last time this occurred, LTC’s price skyrocketed by an extraordinary 11,900%.
Chartered Market Technician (CMT) Tony Severino’s prognosis for Litecoin’s price was made in a July 26 post on platform X. The prediction is primarily based on the Average Directional Index (ADX) of Litecoin, an indicator that measures the strength of an asset’s price trend.
When the ADX falls below 20, it signifies market consolidation or sideways movement. An ADX between 20 and 25 indicates a potential trend formation, and an ADX above 25 confirms a strong trend. Currently, the Litecoin ADX is above 20, suggesting a trend is forming, and the positive Directional Indicator (DI+) is moving upward, indicating a supportive cushion at the ADX line.
This trend mirrors that of 2017, when the ADX crossed the 20 threshold. This move facilitated support to the DI+ (green line) and paved the way for a rally that saw Litecoin’s price jump from around $3 to a staggering $360.
If the ADX continues to climb and sustainably breaches the 25 line, it could signal the beginning of a robust rally for Litecoin. As of now, LTC’s price is approximately $114.61, having risen by over 1% in the last 24 hours.
