As the market continues to fall, Ethereum classic dropped to a two month low on Monday. Uniswap fell to a multimonth low Monday as it hit its weakest point since July. The global crypto market cap has fallen 5.08% as of writing.
Ethereum classic (ETC), which fell more than 12% to the start of the week, was one the most prominent movers Monday.
After a weekend high of $33.41, ETC/USD fell to $27.91 intraday earlier today.
This drop is less than one week after ethereum classical traded above $40.00 ahead of Wednesday's Merge.
Monday's drop in ETC brings it to its lowest point since July 27, 2017, when the token traded at $24.00.
ETC is now back above $30.00 as of the writing.
After a brief rise, the 14-day relative weakness index (RSI), is now tracking slightly above a support at 40.95.
UNI, like ethereum classical, was also in red to begin the week as the token moved closer towards a multi-month low.
Monday's UNI/USD trades below a support level of $5.50 with prices plummeting to $5.42.
Similar to ETC this is the lowest level UNI reached since July. However, in this case, the bottom was on July 11.
The chart shows that the sell-off caused the RSI to hit a floor at 36.15. Bears used this signal to protect their gains from the previous day.
Currently, UNI trades higher and prices are close to reaching the support level of $5.50.
If this happens, bullish sentiment could return and traders will likely push the token higher than $6.00.
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By: Eliman Dambell
Title: Biggest Movers: ETC, UNI Slip to 2-Month Lows on Monday
Sourced From: news.bitcoin.com/biggest-movers-etc-uni-slip-to-2-month-lows-on-monday/
Published Date: Mon, 19 Sep 2022 15:30:13 +0000