Canton [CC] token has rallied 8.8% in the past 24 hours, but was down nearly 2% over the past week. The price had been compressing within a descending trendline resistance, noted a popular trader on X.
This compression came around the $0.09-$0.10 psychological round-number demand zone. This area was also an important support level over the past six weeks. A bullish breakout could lead to a 66% rally, the trader wrote.
In other news, post-trade workflow automation company Tokenovate announced the successful execution and settlement of an intraday repurchase agreement, or repo. It was completed on the Canton Network and used tokenized USDC and the FINOS Common Domain Model to automate it.
Is Canton crypto stuck within a range?
In July, CC sank below the $0.135 support from March. Its higher timeframe swing structure broke decisively bearishly when the price continued its descent and broke below the $0.107 low from January.
Since mid-July, the CC price action has consolidated within a range (purple) that spanned from $0.09 to $0.125. The mid-range level was just above the $0.107 level.
The lows of this range have been defended thrice. The 10.9% price bounce on Wednesday underlined the bulls’ conviction of a reversal. Therefore, swing traders and investors should prepare for a possible rally toward $0.125, nearly 25% above current market prices.
Should CC traders buy now?
The range lows were defended. There has been an influx of buying over the past 36 hours, as the OBV showed. The volume indicator has been on a steady downtrend in September, but could be shifting bullishly.
More importantly, CC has cleared a local supply zone at $0.097-$0.099. The RSI on the 2-hour chart signaled strong upward momentum.
The trend across different timeframes was aligning and signaling further upside for CC. Swing traders and investors might want to pay attention to this altcoin and its possible move to the $0.125 range high.
Final Summary
- Tokenovate launched the successful launch of an intra-day repo settlement on the Canton Network.
- The token has been trading within a range since August.
