Litecoin reacting to upcoming upgrades
Updated
Litecoin is having it's moment in the spotlight today. The upcoming upgrades are being factored into the price prior to going live. This rapid momentum has sent us deep into oversold territory and marks the need for a pullback to cool things off. At this moment, it does not appear that LTC respects oversold conditions haha. Regardless, barring an extended rally to test $300, LTC will likely pull back to test $240. If support is not found, we can expect a test of the previous high at $232. With this much buying pressure, it seems unlikely that LTC would need to test the potential supports as far down as $212-$215 but it is certainly possible. Once support is found and the upwards trend is resumed, a move to test $300 is to be expected.
Comment
I misspoke, I of course meant overbought conditions!Comment
Clearly the extended rally to test $300 is what's in play and Litecoin is still unimpressed with overbought conditions.. The performance LTC has had while most others were correcting overnight indicates that there is much more to come.
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