Canton (CC) Price Rises 42% On XRPL Comparisons — Healthy Pullback Next?
Canton (CC) price surged 42% driven by comparisons to XRPL, but now faces a potential healthy pullback forming a cup-and-handle pattern.Summary
The Canton Network (CC) price has increased by nearly 42% over the last week, fueled by comparisons suggesting outperformance relative to the XRP Ledger (XRPL). Technically, the price action suggests a potential cup-and-handle formation on the daily chart, with the current movement being the expected handle (pullback) after failing to break resistance near $0.137.
Despite a bearish divergence shown by the Relative Strength Index (RSI), downside risk appears limited as the Chaikin Money Flow (CMF) remains above zero (near 0.24), indicating supportive capital flow, unlike a previous rally where CMF dropped below zero. Social dominance has also decreased following the peak on December 28, which supports the idea of a consolidation phase rather than a trend reversal.
Key price levels to watch are $0.137 for a breakout confirmation, targeting $0.214 and potentially $0.34. Conversely, support lies at $0.118, and a drop below $0.096 would invalidate the bullish cup structure.
(Source：BeInCrypto)