Which cryptocurrencies show a strong correlation with the ADX trend?

3 answers

• Nov 28, 2021 · 3 years ago
  Sure! When it comes to cryptocurrencies that show a strong correlation with the ADX trend, Bitcoin (BTC) and Ethereum (ETH) are two of the most notable ones. These two cryptocurrencies often exhibit similar price movements when the ADX indicator is trending strongly. It's important to note that correlation does not imply causation, but observing the correlation between the ADX trend and the price movements of Bitcoin and Ethereum can be useful for traders and investors.
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• Nov 28, 2021 · 3 years ago
  Absolutely! Based on historical data, Ripple (XRP) and Litecoin (LTC) also tend to show a strong correlation with the ADX trend. This means that when the ADX indicator is indicating a strong trend, these cryptocurrencies are more likely to experience significant price movements in the same direction. However, it's always important to conduct thorough research and analysis before making any investment decisions.
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• Nov 28, 2021 · 3 years ago
  According to a recent study conducted by BYDFi, several cryptocurrencies have shown a strong correlation with the ADX trend. Apart from the commonly known ones like Bitcoin and Ethereum, other cryptocurrencies such as Cardano (ADA), Polkadot (DOT), and Chainlink (LINK) have also exhibited a notable correlation. This information can be valuable for traders who use the ADX trend as part of their technical analysis strategy.
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