The Canton Network CC token has broken a two-month trading range and is now targeting a price level of $0.150. At the time of writing, the token has shown a growth of 13.59%, surpassed only by Ethena's ENA, which increased by 25%. The growth of CC is associated with the growing bullish sentiment as the market continues to support altcoins. The narrative of institutional-level assets related to real-world assets (RWA) and the token burn level helped support recent achievements.
Data from Cantonscan showed that the daily creation to transaction ratio was 0.614 or 61.4%. Despite this, the value is high but not entirely deflationary. The CC token broke the range that had been in effect since the end of July, paving the way for further growth. A significant support level of $0.09 was tested and defended three times since August. The latest bullish move managed to surpass the $0.125 range level. However, the swing structure on the daily chart remains bearish. To reverse the structure to bullish, it is necessary to overcome the $0.150 level, which is the last lower high of the long-term downtrend. Trading volumes confirm the CC breakout. The A/D indicator is steadily rising and has already reached the July level. The CMF indicator at +0.17 indicates strong buying and capital inflow. Supported by stable demand and growing bullish sentiment, CC may challenge the $0.150 level and potentially exceed it.
Traders' notes indicate the possibility of buying on a pullback. Typically, a range breakout implies retesting previous range highs as a demand zone before continuing the bullish trend, which is not always mandatory but remains a good place to buy. A pullback back into the range will be a signal warning of a false breakout, and this is a scenario that bulls hope to avoid. Therefore, the $0.125 level remains a key zone for now. To the north, the $0.150 level – the next long-term swing level to watch. The width of the range also implies a bullish target of $0.162 for this breakout.
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