Canton [CC] The price of the coin, which was trading at $0.1495 during press time, remained low after it lost 1.42% within 24 hours. After the decline, buyers struggled to gain control of their purchases after price dropped below multi-month structural structure.
As the market’s sentiment weakened, bearish forces increased in daily timeframe.
Canton loses its ascending channel
Canton After sellers pushed the price below a trendline which had been guiding it higher since March, prices fell. After the initial decline, buyers pushed it up and brought the price back above $0.1495.
Nevertheless, this rebound failed to bring the price back inside the channel leaving the bearish structural structure in place. It was also evident that the sellers continued to defend higher levels even after the collapse.
It is important to note that this sequence draws attention towards the subsequent downside goal shown in the chart. Canton may continue to move towards the $0.135 projected zone, before buyers try and establish a more robust recovery.
RSI weakened while MACD strengthened the bearish pressure
Daily indicators showed a decline in the strength of the market.
Relative Strength Index (RSI) dropped from 47.35 to 37.35. It shows a decline in buying power. The RSI, although it did not reach oversold territory in the last session, was approaching that threshold.
The MACD was still below the signal line. It read -0.00204, compared to the signal line of -0.00058. The histogram remained at a negative 0.00146, which confirms the control of sellers over the entire daily period.
They could be a support for another downward leg, before more buying interest appears.
The immediate focus became lower liquidity
You can also find out more about the following: Liquidation Heatmap The graph below shows that liquid accumulated under the current market prices, especially between $0.146 to $0.145.
The clusters are the next closest thing to a downside after CC has lost its ascending channels.
A second notable concentration of liquidity was also seen around the $0.135 area, which would be the next important objective for sellers if they maintained control.
The largest upward liquidity was around $0.152. However, it would take a price drop to bring that area back in focus.
Markets could start to move upward if the buyers begin to absorb the selling pressure at lower liquidation zones.
Final summary
- Canton has lost its ascending channels, focusing the downward pressure on lower liquidity areas.
- Before buyers try to make a significant recovery, the price could move towards $0.135.
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Source: ambcrypto.com
