bitcoin
Bitcoin (BITCOIN)
$90,015 2.29%
ethereum
Ethereum (ETHEREUM)
$3,063 3.25%
binancecoin
BNB (BINANCECOIN)
$867.49 2.08%
solana
Solana (SOLANA)
$127.26 2.42%
ripple
XRP (RIPPLE)
$1.93 1.60%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000007 1.33%
pepe
Pepe (PEPE)
$0.000004 0.60%
bonk
Bonk (BONK)
$0.000008 3.38%
bitcoin
Bitcoin (BITCOIN)
$90,015 2.29%
ethereum
Ethereum (ETHEREUM)
$3,063 3.25%
binancecoin
BNB (BINANCECOIN)
$867.49 2.08%
solana
Solana (SOLANA)
$127.26 2.42%
ripple
XRP (RIPPLE)
$1.93 1.60%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000007 1.33%
pepe
Pepe (PEPE)
$0.000004 0.60%
bonk
Bonk (BONK)
$0.000008 3.38%
bitcoin
Bitcoin (BITCOIN)
$90,015 2.29%
ethereum
Ethereum (ETHEREUM)
$3,063 3.25%
binancecoin
BNB (BINANCECOIN)
$867.49 2.08%
solana
Solana (SOLANA)
$127.26 2.42%
ripple
XRP (RIPPLE)
$1.93 1.60%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000007 1.33%
pepe
Pepe (PEPE)
$0.000004 0.60%
bonk
Bonk (BONK)
$0.000008 3.38%
Disclosure
Cryptocurrency trading is speculative and your capital is at risk when you trade. We may earn affiliate commissions from some of the products on this page - at no extra cost to you.
Canton Price Analysis: Why Canton Could Retest $0.11 Soon

Highlights:

  • Canton has faced a correction driven by broader market weakness
  • Canton has found support at $0.084 after 24 24-hour correction
  • Rebound off this support could trigger a rebound to $0.11 short-term

Canton (CC) has experienced a sharp correction in the last 24 hours. In this period, Canton has dropped by 22% to trade at $0.088. Interestingly, the sharp correction has also been followed by a significant drop in trading volumes.

Advertisement

Banner

In the last 24 hours, Canton trading volumes have dropped by 50.79% to stand at $34.79 million. This drop in volumes at a time when the price is in a correction is an indicator that the average Canton holder is not keen on selling. It also goes to show that the intraday correction has little to do with Canton’s fundamentals, but more to do with broader market dynamics. 

Bitcoin Price Action Weighing Down On Canton

Recently, Bitcoin has been experiencing weak price action despite a lot happening in the macro space. For the better part of December, investor expectations were high that Bitcoin would rally and push the altcoin market with it.

Among the factors that investors were counting on are the end of QT and the recent move by the Federal Reserve to cut interest rates. There is also an expectation that the next Federal Reserve chairman will be a dovish one, a factor that was further expected to drive bullish momentum.

None of this has happened, and Bitcoin continues showing weakness around the $90k price level. This has created a scenario where whenever an altcoin rallies due to its internal dynamics, the pump does not last.

In the case of Canton, there was a lot of excitement after the announcement by DTCC that it would use the Canton blockchain for US debt tokenization. The excitement saw Canton rally to $0.10 in a matter of hours. However, due to the broader market weakness, especially the price of Bitcoin, Canton has lost all the DTCC-linked gains. However, things could change in Canton’s favor again.

Canton Holders Not Panic Selling Despite Correction

For starters, the average Canton investor has shown that they have confidence in the blockchain. This is evident in the fact that volumes show that they are not selling despite the price correction. Such confidence by holders is likely to create a price floor even as the broader market weakness continues to weigh down on Canton.

At the same time, things appear to be taking a positive turn for Bitcoin, the main market direction determinant. In the last 24 hours, Bitcoin has started making gains above a critical resistance level. This could be an indicator that the rising liquidity due to US rate cuts could be having an impact. 

If Bitcoin rallies off its current price level and targets $100k, all strong altcoins could rally. Canton stands a good chance in such a scenario. That’s because, aside from the move by the DTCC, Canton has the narrative on its side. Canton is a privacy-focused blockchain, and privacy coins continue to excite the market, as seen in the price action of cryptocurrencies like Monero. If Bitcoin rallies and the narrative remains strong, Canton could be headed for a rally to new all-time highs in the short to medium term. 

Technical Analysis – Canton Stabilizes After Correction

After a correction earlier in the day, Canton appears to have found support at $0084. If bulls regain control and push Canton higher, the odds are high that the price could rally to $0.114, now resistance, in the short term. 

Source: TradingView

On the other hand, if bears take control and push Canton through the $0.084 minor resistance, then a correction to $0.074 could follow. With Bitcoin appearing to be gaining upside momentum, and Canton holders not panic selling, the odds are higher for a rebound. The recent DTCC news could see Canton rally to prices above the recent high of $0.114 in the short term.

eToro Platform

Best Crypto Exchange

  • Over 90 top cryptos to trade
  • Regulated by top-tier entities
  • User-friendly trading app
  • 30+ million users
9.9

5 Stars

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.

Advertisement

Banner

Advertisement

Banner

Advertisement

Banner