What is going on with Litecoin?
Within the past 24h Litecoin is up a high of 54.85%, from $154.67 to a high of $245.46.
Litecoin's popularity has also hit an all time high today. Litecoin's on social media is also seeing a large volume of engagement.
Rumors are spreading, investors are saying litecoin might be a good hedge for bitcoin investments. Litecoin is much faster at processing transactions then bitcoin and it's much cheaper to transact. It might be as new cryptocurrency investors are moving into the space they are doing more research and moving some money into Litecoin as it seems a more attractive and useful then Bitcoin.
Analytics:
Right now it looks as if LTC/USDT is overbought. From the MACD on a 1h chart, Litecoin is loosing momentum. It may find support at $215 and continue to rise up from there but it can also find resistance at $236 as it did on the chart. Which ever happens first may determine whether LTC corrects or reaches new highs.
LTC looks like it's a hold right now.
*Technical Chart is based on Bittrex LTC/USDT *
*DISCLAIMER: The author does not hold any positions in LTC *