Canton [CC] remained under selling pressure after losing 1.42% over the past 24 hours, trading at $0.1495 at press time. The decline erased recent gains and left buyers struggling to regain control after the price slipped below a multi-month technical structure.
Market sentiment also weakened as bearish pressure increased across the daily timeframe.
Canton lost its ascending channel
Canton broke below its ascending channel after sellers overwhelmed a trendline that had guided price higher since late March. The breakdown also pulled the token below the nearby $0.1465 level before buyers lifted it back to around $0.1495.
However, that rebound failed to return the price inside the channel, leaving the bearish structure intact. The failed recovery also showed that sellers continued defending higher levels after the breakdown.
This sequence shifted attention toward the next downside objective shown on the chart. If bearish pressure persists, Canton could continue moving toward the projected $0.135 zone before buyers attempt to establish a stronger recovery.
RSI weakened as MACD reinforced bearish pressure
The daily indicators reflected the deterioration in market strength.
The Relative Strength Index dropped to 37.35 after falling below its moving average at 47.35, showing that buying strength weakened throughout the recent decline. Although the RSI did not enter oversold territory, it approached that threshold by the latest session.
Meanwhile, the MACD stayed below its signal line, with the MACD reading -0.00204 compared with the signal line at -0.00058. The histogram also remained negative at -0.00146, confirming that sellers retained control across the daily timeframe.
If those indicators continue weakening, they could support another downside leg before stronger buying interest emerge.
Lower liquidity became the immediate focus
The Liquidation Heatmap showed that liquidity accumulated beneath the current market price, particularly between $0.146 and $0.145.
These clusters represented the nearest downside attraction after CC lost its ascending channel.
Another notable liquidity concentration also appeared around the projected $0.135 zone, making that area the next significant objective if sellers maintained control.
Meanwhile, the largest upside liquidity rested around $0.152, although the price would likely need to complete a lower sweep before that region came back into focus.
If buyers absorbed selling pressure near the lower liquidity zones, the market could begin rotating toward higher liquidation clusters.
Final Summary
- Canton lost its ascending channel, keeping downside pressure focused on lower liquidity zones.
- A move toward $0.135 could occur before buyers attempt a meaningful recovery.
