Canton Network [CC] token is among the highest 24-hour gains among the top market cap altcoins. It was up 13.59% at the time of writing, with only Ethena’s [ENA] gain of 25% surpassing CC.
The CC rally can be attributed to rising bullish sentiment as the market continues to favor altcoins. The Canton Network’s institutional-grade RWA and burn narrative has taken hold, helping sustain gains.
Cantonscan data showed that the daily mint/scan ratio was at 0.614, or 61.4%. This figure was high but not quite deflationary
In other news, CC has broken past a range that has been in place since late July. Further upside appeared likely, with one key swing high to keep an eye on.
Canton token breaks two-month range, targets $0.150 next
Thrice since August, the $0.09 demand zone has been tested and defended. The latest bullish reaction has managed to break past the $0.125 range high. However, the swing structure on the daily chart was still bearish.
A rally past $0.150 is needed to flip the structure bullishly. This swing high was the latest lower high of the long-term downtrend. Beating it will be the first step in establishing an uptrend.
The volume indicators supported the CC range breakout. The A/D indicator was steadily rising and was already at July levels. The CMF’s +0.17 score showed heavy buying and capital inflows.
Supported by firm demand and growing bullish momentum, it is likely that CC can challenge and surpass the $0.150 high.
Traders’ call to action- Buy the pullback
A range breakout generally sees the former range highs retested as a demand zone before a bullish continuation. This need not always be the case, but it would be a good place to look to buy.
A retreat back into the range would be a warning sign that the breakout was false. This is a scenario bulls will be hoping to avoid. Hence, $0.125 is a key area for now.
To the north, the $0.150 is the next long-term swing level to target. The range’s width meant that the $0.162 was also a bullish target for this breakout.
Final Summary
- The Canton Network institutional-grade RWA, burn rate narrative, and general altcoin enthusiasm helped fuel recent price gains.
- The two-month range breakout might see a CC price dip to $0.125 to offer a buying opportunity.
