1) Litecoin has staged similar mid cycle rallies in 3 out of 3 of it's last 3 major price cycles.
2) These rallies are often short lived, most lasting only around the 2 week mark.
3) This current price action was triggered by the March 4th 2013 announcement of China implementing Litecoin as the only other crypto currency currently traded on that exchange.
As I type, the Litecoin market is only picking up more steam with a leak from China's biggest exchange, Huobi, that they are about to follow China's lead and also implement Litecoin. But with all that said, and If less than 3 years of 'history' is anything to go by, Litecoin was due for this price action.