LTC has been defying gravity. Is it landing on the moon anytime soon? Crash-landing, maybe.
I believe this is a classic case of irrational exuberance. People who have recently joined Coinbase / GDAX have brought a lot of new capital. When BTC inevitably slowed down (or is it coming to 1mil next January?), they turned their attention to the other two options offered by Coinbase.
I'm not saying that some "momentum ignition" wasn't involved to start the jump and some "spoofing" to keep the momentum. But I believe overwhelmingly this is a case of irrational exuberance, FOMO².
There's not much to say on the technical side, except on the indicators:
1. UO over 70 -> sell signal 2. MFI bearish divergence (BITSTAMP, I think -> should also apply to all exchanges except CB/GDAX) 3. RSI overbought
It touched 5.236x extension in 3 days -> is this a new paradigm or what?
well to be honest, you cant exclude GDAX cuz they make up for 30% of entire LTC market.