ETC remains near 2-month low, LTC down 4% on Monday – market updates
Ethereum classic remained near a two-month low on March 6 as a cloud of uncertainty continued to hang over the markets. The global cryptomarket capitalization remained bearish at the start of the week and is down 0.55% at the time of writing. Litecoin also moved lower on Monday.
Ethereum Classic (ETC)
Ethereum classic (ETC) started the week trading near a two-month low as volatility remained high in crypto markets.
ETC/USD slipped to an intraday low of $19.26 on Monday, a day after trading a high of $20.05.
The move has pushed Ethereum Classic to Friday’s low of $18.89, which was its weakest point since Jan. 6.
Overall, today’s decline has caused ETC to fall for a fifth consecutive month, down over 8% over the period.
Prices are marginally higher than previous lows as the 14-day relative strengthindex (RSI) collided with a bottom at 36.00
At the time of writing, the index is tracking at 36.19, with the next visible bottom at the 30.00 level in case of a breakout.
Litecoin (LTC)
Along with Ethereum Classic, Litecoin (LTC) was another notable climber as the token fell as much as 4%.
After a high of $91.27 on Sunday, LTC/USD fell to a low of $87.15 during Monday’s session.
As a result of this move, Litecoin approached a bottom at $86.00 last seen on Friday and also a six-week low.
The recent declines in LTC are due to a downside crossing of the 10-day (red) and 25-day (blue) moving averages.
Furthermore, the RSI is now floating at 40.47, which is slightly above the 40.00 support.
Although hovering above this floor, the index is at its weakest point since December 24 of last year.
Register your email address here to receive weekly price analysis updates in your inbox:
Do you expect Litecoin to rally in the coming days? Let us know your thoughts in the comments.
photo credit: Shutterstock, Pixabay, WikiCommons
Source: Crypto News Deutsch
