Let's take a look on LTC today. Although LTC is, like all other alts, dependent on how BTC moves, it can be seen some signs of upcoming correction on LTCUSD pair. There is a clear bearish divergence on RSI (blue lines), somewhat sketchy rising wedge towards resistance and dropping volume. But when you are comparing an altcoin towards the U.S. dollar, you should always compare it towards the bitcoin also:
The chart itself is choppy, with no clear support or resistance at all. But there are some signs of topping out too, it's a clear bearish divergence. You can also notice (not shown on the chart) that around 10 days ago, the daily RSI was the highest since May of 2017.
All of this is signalling that LTC pump has finished, most probably. I wouldn't be suprised, if it pushes once more towards level around $55, but I wouldn't count on it either. I expect a drop towards $35 level at least.
@baker13, yeah shorts are still pretty high, which can play a role. But if you compare it to longs, there is still noticeably higher long interest too. I think it will kinda even out :)
baker13
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@Byte91, yeah smth is about happen for sure, check out ltcbtcshorts on finex and compare to usd ;)
Byte91
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@baker13, it looks like somebody got squeezed pretty hard :D but it's a little weird, the short covering came almost at top, it didn't affect the price much.