Canton Price Breaks Out, Yet Two Metrics Question A Clean Run To $0.34
Canton Coin broke out from its cup-and-handle pattern, targeting $0.34, but flat On-Balance Volume and bearish Chaikin Money Flow divergence suggest a potential pullback.Summary
Canton Coin (CC) successfully broke out from its cup-and-handle neckline, confirmed by a daily close above $0.13, with the current price near $0.16. The technical projection targets $0.34, representing a 141% move from the pattern, provided the price clears the initial hurdle at $0.21.
However, two key metrics suggest the path may not be straightforward. On-Balance Volume (OBV) has flatlined since the breakout, indicating a lack of new buyer participation, while Chaikin Money Flow (CMF) shows lower highs, signaling bearish divergence and weakening capital inflow strength.
These indicators create friction, suggesting a possible pause or pullback before continuation. A healthy retest would be toward the $0.14 neckline region, while a sustained close below $0.12 would weaken the breakout structure. If momentum returns, clearing $0.20-$0.21 will pave the way toward the $0.34 target.
(Source：BeInCrypto)