Canton (CC) Faces Bearish Outlook as Price Eyes $0.135 Support Level
Canton (CC) continues to struggle under persistent selling pressure, recording a 1.42% decline over the past 24 hours and trading around $0.1495 at the time of writing. The recent drop wiped out short-term gains and left market participants uncertain about the token's near-term direction, as buyers appear unable to reclaim dominance following a significant technical breakdown.
The most notable development in Canton's price action was the breakdown from its ascending channel — a bullish structure that had been guiding the token higher since late March. Sellers ultimately overwhelmed a key supporting trendline, pushing the price below the $0.1465 level. Although buyers briefly pushed the price back toward $0.1495, the recovery fell short of re-entering the channel, leaving the bearish setup firmly in place.
The inability to reclaim the channel boundary signals that sellers are actively defending higher price levels following the breakdown. With this structure now invalidated, market attention has shifted to the $0.135 zone as the next potential downside target, should bearish momentum continue to dominate.
Technical indicators on the daily chart are reinforcing the cautious outlook. The Relative Strength Index (RSI) has declined to 37.35, slipping below its moving average of 47.35 — a sign that buying strength has steadily eroded throughout the recent correction. While the RSI has not yet reached oversold territory, it is approaching that threshold, which could attract some speculative buying if the level is breached.
The MACD further supports the bearish narrative. The MACD line sits at -0.00204, below the signal line at -0.00058, while the histogram registers a negative reading of -0.00146. Taken together, these signals confirm that sellers remain in control on the daily timeframe. A continued weakening of both indicators could pave the way for an additional downside move before any meaningful buying interest materializes.
Liquidity data from the Liquidation Heatmap provides additional context for understanding potential price movements. Significant liquidity clusters are visible just below the current market price, concentrated in the $0.145–$0.146 range. These zones represent the nearest downside magnets following the channel breakdown and are likely to attract price action in the short term.
A more substantial liquidity pool has also been identified near the $0.135 level, aligning with the projected technical target. This confluence makes the zone a critical area to watch if sellers maintain their grip on the market. On the upside, notable liquidity sits around $0.152, but a move toward that level appears unlikely unless the price first sweeps the lower zones and triggers a reversal.
In summary, Canton's technical picture remains tilted to the downside. The loss of the ascending channel, weakening momentum indicators, and liquidity distribution all point toward a potential test of the $0.135 support zone before buyers can mount a credible recovery. Traders should monitor how price reacts to key liquidity areas in the sessions ahead.
