Canton Network's utility token, CC, has recently captivated traders with an impressive 84% rally in less than three weeks. This surge, coupled with increasing user activity and genuine demand, highlights the network's growing prominence in the Real-World Assets (RWA) sector. While its long-term structure remains unequivocally bullish, recent price action suggests a more nuanced short-term outlook for potential investors.
Enduring Bullish Momentum and Network Strength
Despite recent market uncertainties, the Canton Network [CC] token exhibits a robust bullish trend on its daily charts. Analysis reveals a firmly established upward structure, complemented by consistent buying pressure indicated by a steadily climbing On-Balance Volume (OBV) over the past three weeks. Although trading volume has seen a slight dip compared to its launch period, it hasn't compromised the overall bullish sentiment. Key support levels at $0.122 and $0.110 are poised to act as critical anchors, reinforcing the token's foundational strength derived from its expanding on-chain adoption and utility in the RWA space.
Navigating the Short-Term Retracement
While the long-term outlook for CC appears promising, short-term indicators suggest traders might benefit from patience. The hourly timeframe presents a descending triangle pattern, typically signaling a bearish continuation, and a significant cluster of long liquidations between $0.12 and $0.105 points to a likely retracement. Experts anticipate a deeper dip, potentially towards the $0.105 mark, offering a more attractive entry point for those looking to accumulate. An immediate bullish breakout from the current levels is deemed unlikely, emphasizing a strategy of waiting for this anticipated retracement before making significant buys. This short-term bearish prediction would only be invalidated if CC decisively breaks past the $0.132-$0.133 local resistance zone.
