Canton Network (CC) Risks New All-Time Low After Fresh Sell-Off
Canton Network (CC) opened the week bullish following recent institutional partnerships, but the rally quickly lost momentum. CC has slipped below a key support at $0.084 and fell 12% in 24 hours, with further downside targeting the next support near $0.072. On-chain and technical indicators show mixed signals: the Accumulation/Distribution line is trending lower, indicating sustained selling, while Chaikin Money Flow has ticked above zero, suggesting pockets of buying. Trading volume reached about 643,000 CC, and derivatives data show Open Interest down ~10% to ~$12 million while the weighted funding rate remains slightly positive (~0.0003%), implying residual long-side pressure. If the funding rate stays positive, it could attract short-term capital and blunt the decline; a decisive break below $0.072, however, would likely push CC to a new all-time low and invite heavier selling. Traders should watch support at $0.072, volume, A/D trend, and funding-rate/OI dynamics for signs of either a relief bounce or continued capitulation.
Bearish
Price action and indicators point to increased downside risk. CC has broken a key support at $0.084 and is approaching the next support at $0.072; a decisive break would likely create a new all-time low and trigger further selling. The Accumulation/Distribution decline and sizeable selling volume (≈643k CC) show distribution is underway. Derivatives data are mixed—Open Interest has fallen ~10% (lower liquidity and position trimming) but the weighted funding rate is slightly positive (~0.0003%), meaning some leverage-driven buying remains. Historically, similar breaks of critical supports on low OI and strong selling volume have led to accelerated declines in altcoins until funding rates turn negative and shorts dominate, or fresh capital reverses the trend. Short-term: elevated risk of continuation to $0.072 and below; traders should use tight risk management, watch volume and funding/OI shifts for early reversal signs. Long-term: unless on-chain activity or meaningful capital inflows resume (e.g., sustained positive network metrics or institutional demand), structural weakness may persist, keeping CC range-bound at lower levels and vulnerable to macro risk-off events.