Canton Network market in the shock of the departure of buyers; Is CC’s 172% rally in danger?

study time: 2 minutes

After the recent growth, the price of Canton digital currency (CC) has entered the corrected range and has fallen by about 16% over the past week.

This correction has endangered the structure of the ascending “cup and handle” pattern.

A cup and handle pattern usually signals strong bounces, but Canton is now trading near the handle support at $0.13.

1000 free bitcoin satoshi!

Register now in Erzplus and get 1000 Satoshi Bitcoin as a reward. Instant and no lottery!

Receive an award

If this support is lost, the pattern is weakened and the possible 172% rally is postponed. To activate the uptrend, the price must first break above $0.15 and then break through the $0.19 resistance.

Despite a 10-fold increase in social attention, the volume of transactions and the entry of large capital remains weak.

The Balanced Volume (OBV) and Chaikin Money Flow (CMF) indicators show that large investors are not entering the market and liquidity is limited. This situation has increased the downward pressure and strengthened the possibility of the bullish pattern breaking.

It seems that the price of Canton is currently being held up by social hype and there is little real buying from large investors.

Traders should watch for price reaction to key levels; Because the smallest selling pressure can jeopardize the rally of this cryptocurrency.