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pepe
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bonk
Bonk (BONK)
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bitcoin
Bitcoin (BITCOIN)
$88,729 0.53%
ethereum
Ethereum (ETHEREUM)
$2,970 1.08%
binancecoin
BNB (BINANCECOIN)
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solana
Solana (SOLANA)
$127.93 -0.69%
ripple
XRP (RIPPLE)
$1.92 -0.51%
shiba-inu
Shiba Inu (SHIBA-INU)
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pepe
Pepe (PEPE)
$0.000004 -2.66%
bonk
Bonk (BONK)
$0.000008 -3.53%
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Canton Price Analysis: Why Canton Could Hit $0.10 Soon

Highlights:

  • Canton is consolidating between the $0.074 support and $0.077 resistance
  • Rising bullish momentum could push Canton through $0.077 resistance
  • Such a rally could send CC to $0.10 in the short term

Canton (CC) is among the privacy cryptocurrencies defying the broader market selloff today. In the last 24 hours, Canton has gained by 6.26% to trade at $0.075. At the same time, Canton trading volumes have shot up by 60% in the same period to stand at $26.4 million. This surge in trading volumes alongside the price is an indicator that bullish momentum is building up around this cryptocurrency. 

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Such could mean that Canton could be headed for much higher prices in the short to medium term. With the broader market weak, such substantial volumes point to a strong underlying confidence in Canton. There are a couple of factors that support the rising bullish momentum in Canton. 

Growing Demand for Privacy Could Push Canton Higher

One of them is the fact that there is a growing investor push towards privacy coins. Across the globe, governments are leaning more towards regulations that make privacy harder to achieve for the average person.

The most affected and likely to get worse is financial privacy. With stricter anti-money laundering regulations and CBDCs now an inevitable eventuality, people are looking for ways to protect their financial privacy better. This is quite evident in the trajectory that the cryptocurrency market has taken in recent months.

While the rest of the cryptocurrency market has been stuck in bear territory, privacy cryptocurrencies have made quite a strong showing, and the trend is not changing. As this trend gets stronger, Canton is likely to continue recording substantial gains going into the future. 

Move By DTCC Could Send Canton to New Highs

Canton also has the advantage of being focused on institutions. There is a growing consensus in the market that institutions will drive the next phase of cryptocurrency growth. Canton, by its very design, is made for institutions. It is meant to help traditional financial institutions go on-chain without having to expose their dealings on public blockchains.

The idea is so powerful that Canton has already attracted influential players in the finance space. The latest news making headlines is that Canton has partnered with the Depository Trust and Clearing Corporation (DTCC) for treasury tokenization. Under the deal, the DTCC will pilot for tokens that represent US debt on-chain. The goal of the move is to minimize settlement risk while also enhancing efficiency. This is a big deal for Canton because DTCC is one of the most critical players in the finance world, having processed $3.7 quadrillion worth of transactions in 2024.

The fact that they have chosen Canton has raised its profile and could see many other institutions looking to tokenize follow suit. This could trigger FOMO buying of Canton that could send its price to new highs in the short to medium term.

Canton FDV Is Relatively Low And Makes It Undervalued at Current Prices

All this adoption is also happening at a time when Canton is relatively undervalued. Canton has a fully diluted value of $2.73 billion. This is a tiny market cap, way below some meme coins, for a blockchain that could be a bridge between traditional finance and decentralized finance.

Canton is also down by over 50% in the past year, which makes it relatively undervalued relative to everything that is happening around it at the moment. The result is that its price could explode to new highs in the short to medium term.

Technical Analysis – Canton In An Intraday Consolidation

Canton is currently consolidating between the $0.074 support and $0.077 resistance. If bulls take control and push Canton through the $0.077 resistance, then a rally to $0.10 could follow in the short term.

Canton Price Analysis Why Canton Could Hit $0.10 Soon
Source: TradingView

On the other hand, if bears take control and push Canton through the $0.074 support, then a correction to $0.070 could follow. Of these two scenarios, the odds are higher for a rally to $0.10. This is due to the strong narrative around privacy and the fact that the DTCC is looking to tokenize US debt on Canton. 

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