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Canton Price Prediction: Why Canton Could Rally to $0.20 Soon

Highlights:

  • Canton is pushing towards the $0.159 resistance
  • A rally through this resistance could see Canton hit his $0.20 short-term
  • Institutional adoption by DTCC, JP Morgan, and others could fuel growth 

Canton (CC) is strongly in the green today, outperforming most top 100 cryptocurrencies. When going to press, Canton was trading at $0.149, up by 13% in the day. However, Canton trading volumes have dropped intraday and currently stand at $29.5 million, down by 4.85%. This goes to show that even after the pump, Canton holders are not willing to sell their holdings. It points to an expectation that the price is likely headed much higher in the short to medium term. 

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However, it also shows that new investors are not keen on buying Canton until there are clear signs that the pump can sustain. This is likely driven by what has been happening in the market recently. There has been a trend where cryptocurrencies are increasingly pumping for a short while, then falling back. While this can happen to Canton as well, multiple factors support a potential continuation of the intraday rally.

Institutional Support Could Send Canton Price Higher

One of the factors that could support such a rally is the fact that institutional adoption of Canton is gaining traction. The Depository Trust & Clearing Corporation (DTCC) is one of the institutions building on the Canton network.

DTCC has announced that it is moving forward with its plans to tokenize US treasuries on the Canton Network. This is a big deal as the DTCC is one of the biggest players in the finance industry. As such, the fact that it has chosen Canton could see Canton become the go-to blockchain for traditional finance companies looking to go on-chain.

This is already happening with JPMorgan announcing that it will launch the JPM coin on the Canton Network. Such moves could keep FOMO high on Canton and could trigger a price rally to new highs in the short to medium term. 

Canton Validator Network On A Growth Path

Besides the growing adoption, Canton’s network continues to expand in a way that adds investor confidence in the network. For instance, Canton’s network has more than 600 active validators. The network is also able to process millions of transactions every month. Such could see Canton rally to new highs in the short to medium term because as the number of nodes grows, the more confidence investors and developers have in a network.

Macro Environment Could Push Canton Higher Short Term

The macro environment also favors a possible continuation of the Canton rally. One of the biggest fears that has recently gripped the markets is that the US could attempt to take Greenland by force. However, during his speech at the World Economic Forum, President Trump said that while the US was still keen on acquiring Greenland, it would not attack. This has helped calm the market despite the overall combative nature of his speech, which came out as overly imperialistic.

With the possibility of war between NATO members now off the table, risk-on assets could see some momentum. Thanks to its growing adoption and the momentum it has built up so far, Canton could be among those that outperform the market going into the future. 

Technical Analysis – Canton Price Trending Towards Resistance

After hitting strong support at $0.117 a few days ago, Canton is in a strong rally. If the rally continues, the key level to watch for Canton is the $0.159 resistance. A rally through this resistance could see Canton rally to $0.20 in the short term.

Canton
Source: TradingView

On the other hand, if Canton fails at the $0.159 resistance, it could consolidate between the $0.159 resistance and the $0.117 support. Of these two scenarios, the odds favor a rally to $0.20. That’s because of the growing institutional interest in Canton.

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