Last week Litecoin (LTC) surpassed its October price breakdown point of 57 USD/LTC. This is in conjunction with the trend that LTC has followed since mid-February 2019, a time when LTC had just smashed through its November price breakdown point of 41.50 USD/LTC.
To confirm if the current prices are trending and sustainable, we will take a look at the momentum chart values.
Generally, momentum is measured on a 10-day time scale with either a positive or negative value. Depending on the speed of the price change and the existing volume in the market, the magnitude of the momentum chart value is assessed.
In this chart, we can see key momentum shifts appearing just before the price breakdown points of October and November as well as every other minor price crash.
When the most recent closing price is higher than the closing price 10 trading days ago, a positive number is plotted above the mid-zero baseline. Conversely, if the closing price 10 days ago is higher than the latest closing price, then a negative measurement is plotted below the mid-zero baseline.
Consequently, the plotted graphs tell us that although the prices are rising, they are currently doing so at an increasingly slower rate. In the coming 10 days, we may see the price cross 62 USD/LTC range if the current momentum is maintained.
If $LTC goes back to ATH I’ll punch my boss in the face live on periscope
— U.B.I PAPI™️ (@yungNleveraged) March 6, 2019
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