Litecoin [LTC] breaks out from $39.35 resistance level: Technical Analysis
The cryptocurrency market appears bright on Monday as the major altcoins showed major signs of recovery with Litecoin [LTC] soaring over 10%. The rise of Bitcoin [BTC] price above $4,000 mark added an extra thrust to the price hike of the sixth most valuable digital asset in terms of market cap. As the bears are at bay, hence, the coin is experiencing a heightened buyer pressure driving it to cross the resistance level. At a time of gaining phase in the market, Litecoin [LTC] has moved up nearly 24% in the last seven days and jumped almost 52% in a span of a month.
The virtual asset has successfully breached the key resistance level, which is formed at $39.35. The MACD shows that the virtual asset is following a bullish momentum in the market. The 100 EMA line points to the uptrend. The hourly RSI indicator currently stands at 65, which indicates that LTC is rapidly approaching the level of being oversold in the market. At the time of writing, the digital asset has moved up almost 10.67% against the U.S. dollar to be valued at $39.36. According to Coinmarketcap data, Litecoin is currently trading at $2.35 billion.
The cryptocurrency has spiked nearly 4.03% against Bitcoin [BTC] with one LTC worth around 0.00965460 BTC.
Litecoin [LTC] Latest Updates
- OKEx, the popular cryptocurrency exchange has opened the year on a positive note by launching Ethereum Classic and Litecoin perpetual swap. Litecoin [LTC], the seventh most valuable crypto, shows the contract face value at $10. The leverage range remains the same with Ethereum Classic [ETC], which is marked in between one to 40x and the funding fee with settlement occur once in every 12 hours daily at 3am and 3pm. The minimum price interval stands at 0.01 point.
- Litecoin has become the first cryptocurrency to enter into the fighting arena. The company officially partnered with UFC [Ultimate Fighting Championship] 232: Jones Vs Gustaffson. The event was held on December 29, 2018, in California. Litecoin has become the first crypto company to partner with the mixed martial arts promotion company, UFC.
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