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.

LTC/USD

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.