Litecoin hits record high, forms spinning top candle

Litecoin or LTC/USD hit a record high of $57.75 on Wednesday before ending the day with marginal losses at $53.40. 

For many, the LTC currency is vastly undervalued as it provides faster payments compared to Bitcoin and Ether. However, speculators fear there would be a sharp pullback, given the prices have rallied sharply from $37.15 in a just four days. 

Wednesday’s spinning top candle does suggest exhaustion, although the trend reversal would be confirmed only if the follow through today is bearish. LTC/USD was trading at $52.55 levels. 

Technical Levels

A break below $49.99 (June 19 high) would open doors for $44.84 (10-DMA). On the higher side, a break above $55.40 (July 4 high) would expose record high of $57.75.