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Canton Price Prediction – Canton Could Hit $0.20 as It Defies Broader Market Selloff

Highlights:

  • Canton is trending higher after holding above the $0.168 resistance
  • Ongoing price rally puts $0.20 in focus in the short term
  • Growing institutional adoption is likely to push the Canton price higher 

Canton (CC) is one of the few cryptocurrencies still in the green on a day that the broader market is in the red. At the time of writing, Canton was trading at $0.185, up by 3.38% intraday. However, Canton’s intraday trading volume has dropped 44.13% to $33.35 billion. The drop in trading volume when the price is rising can indicate two things. 

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First, it could mean that despite Canton’s ongoing upside momentum in a weak market, the average holder is not keen on taking profits. They expect the price to continue pushing higher in the foreseeable future. Second, it could mean that new investors are hesitant to buy into Canton at current prices. While such fears could reduce the chances of a parabolic price move for Canton in the short term, multiple factors support a gradual upside for the Canton price. 

Canton Is Solving a Major Real-World Problem 

One of them is the kind of problem Canton is solving in the market. The average cryptocurrency market solves no real problem, or one that is too complicated for the average investor to understand. Canton is different as it is right at the center of a major shift in the finance world. 

Legacy finance is starting to embrace asset tokenization. In fact, one of the key factors delaying passage of the market structure bill in the US is asset tokenization. Once the bill passes, mass asset tokenization could be the next big evolution of banking and finance. Canton is a privacy-focused blockchain that enables tokenization.

Already, institutions like the DTCC are using Canton to tokenize US debt. Once stock tokenization becomes legal, Canton could see mass institutional adoption. The result is that its value could rocket to $1 or more in the foreseeable future.

Institutional Demand for Canton Rising

Beyond a strong use case, Canton is already attracting significant institutional investment. Recently, several publicly listed companies have become Canton validators. They will help secure the network while earning in Canton tokens. This is a big deal because it gives the perception that Canton has credibility.

As such, it could see an influx of both retail and institutional speculators going into the future. Additionally, since institutional investors may not be in a hurry to sell, unlike retail investors, the Canton price could remain stable and continue to grow. That’s despite the chaos across the market.

Canton Could Hit $0.20 as It Decouples From Market and Triggers FOMO

Canton’s price action is also likely to attract investors looking to preserve capital while growing capital. That’s because over the last two months, it has shown price action indicating decoupling from the broader market.

If investors get the impression that only fundamentals are behind Canton’s price action, FOMO could kick in. Investors looking to salvage some value after losing on other altcoins are likely to pile into Canton, sending its price to new highs in the short term. The rally towards $0.20, as Bitcoin nears $70k, is a signal of where Canton is headed.

Technical Analysis – Canton Price Sustains Momentum Above Key Resistance

Canton continues to show strength after recently breaching the $0.168 resistance. If bulls sustain this momentum, Canton could hit $0.20 in the short term.

Canton
Source: TradingView

On the other hand, if the bulls fail, two scenarios happen. The first is a possible consolidation above $0.168, now support. The second is a correction through $0.168, which could see Canton drop to $0.142 in the short term. The odds favor Canton hitting $0.20 as strong price momentum drives the short-term trend.

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