Litecoin overbought?
The LTC/USD daily chart shows its RSI at an inflection level near 79.02. That is 9 points above the overbought threshold, which has earlier led to price corrections.
Rotational trading
Eye-popping returns in the Litecoin market came on the heels of a broad upside move in the cryptocurrency market. The silver crypto’s top altcoin rivals, including Ether, XRP, Cardano, and many others, posted better profits, with Dogecoin, a joke cryptocurrency, rising by more than 17,000 percent YTD at one point in time.
Jason Lau, chief operating officer at OKCoin — a San Francisco-based crypto service business, highlighted a brewing inverse correlation between Litecoin and Dogecoin, noting that the DOGE/USD exchange rates dropped by 12% in the period that saw the LTC/USD exchange rates popping higher by 12%.
Litecoin (LTC) has broken the $400 mark reaching a new all-time high price of $414 on Bitstamp on May 10.
Lite coins
The problem with buying Litecoin is that it has become too expensive in a very little period. The world’s tenth-largest cryptocurrency by market capitalization is worth 215 percent more than it was at the beginning of this year, soaring from $124.42 to a new record high of $413.90.
Its massive rally has beaten traditional markets on a year-to-date (YTD) timeframe, with many independent analysts now predicting the move to extend towards $500.
