The Canton Network token (CC) rallied 8.8% in the past 24 hours but is down nearly 2% over the past week, with price compressing within a descending trendline near a key $0.09-$0.10 demand zone. A trader noted a bullish breakout could lead to a 66% rally. Separately, Tokenovate announced the successful execution and settlement of an intraday repurchase agreement on the Canton Network using tokenized USDC and the FINOS Common Domain Model. CC has traded within a $0.09 to $0.125 range since mid-July, with the Range lows defended thrice, and the 10.9% bounce on Wednesday signals possible upside to $0.125.
The Canton [CC] token rallied 8.8% in the past 24 hours, though it was down nearly 2% over the past week. The price had been compressing within a descending trendline resistance, a trader noted.
This compression occurred around the $0.09-$0.10 psychological round-number demand zone. This area has been an important support level over the past six weeks, and the trader wrote that a bullish breakout could lead to a 66% rally.
In other news, post-trade workflow automation company Tokenovate announced the successful execution and settlement of an intraday repurchase agreement. It was completed on the Canton Network and used tokenized USDC and the FINOS Common Domain Model to automate it.
CC’s price action has consolidated within a range from $0.09 to $0.125 since mid-July. The lows of this range have been defended three times, and the 10.9% price bounce on Wednesday underlined the bulls’ conviction of a reversal.
Swing traders and investors should prepare for a possible rally toward $0.125, nearly 25% above current market prices. The volume indicator showed an influx of buying over the past 36 hours, and CC has cleared a local supply zone at $0.097-$0.099.
The Relative Strength Index on the 2-hour chart signaled strong upward momentum. The trend across different timeframes was aligning and signaling further upside for CC.
