Biggest Movers: ETC, UNI Slip to 2-Month Lows on Monday

Biggest Movers: ETC, UNI Slip to 2-Month Lows on Monday

19.09.2022 Off By admin

Ethereum classic fell to a two-month low to start the week, as prices in the cryptocurrency market continue to decline. Uniswap also slipped to a multi-month low on Monday, as the token hit its weakest level since July. As of writing, the global crypto market cap is down 5.08%

Ethereum Classic (ETC)

Ethereum classic (ETC) was one of the most notable movers on Monday, as the token fell by over 12% to start the week.

Following a high of $33.41 during the weekend, ETC/USD slipped to an intraday low of $27.91 earlier today.

The drop comes less than a week after ethereum classic was trading above $40.00, ahead of last Wednesday’s Merge.

Monday’s drop sees ETC move to its lowest point since July 27, when the token was trading near $24.00.

As of writing, earlier price declines have eased, with ETC now back above the $30.00 mark.

After a brief breakout, the 14-day relative strength index (RSI) is also tracking marginally above a support of its own at 40.95.

Uniswap (UNI)

Like ethereum classic, UNI was also in the red to start the week, as the token moved closer to a multi-month low.

On Monday, UNI/USD found itself trading below a support point of $5.50, with prices falling to as low as $5.42.

Similar to ETC, this is the lowest level UNI has hit since July, however in this instance the bottom occurred on July 11.

Looking at the chart, the sell-off led to the RSI hitting a floor of 36.15, with bears using this as a signal to secure previous gains.

Currently UNI is trading higher, with prices close to climbing above the aforementioned support point of $5.50.

Should this happen, bullish sentiment will likely begin to return, with traders likely looking to push the token above $6.00.

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