Canton (CC) Eyes $0.135 as Bearish Pressure Mounts and Liquidity Thins Out

Canton (CC) continues to face significant selling pressure, registering a 1.42% drop over the past 24 hours and trading around $0.1495 at the time of writing. The recent decline has wiped out previously accumulated gains, leaving bulls struggling to reassert control as the token slips beneath a critical technical formation that had been in place for months.

The broader market mood surrounding Canton has turned increasingly cautious, with bearish momentum building across the daily chart and no clear signs of a swift recovery on the horizon.

Breakdown of the Ascending Channel

One of the most significant technical developments for CC was its exit from a well-established ascending channel. This upward-sloping structure had been supporting price action since late March, but sellers eventually overwhelmed the lower trendline, triggering a confirmed breakdown.

Following the breach, the price briefly dipped below the $0.1465 support mark before buyers managed a partial bounce back toward $0.1495. However, this recovery proved insufficient — the token failed to re-enter the channel, leaving the bearish structure fully intact. The fact that sellers actively defended higher levels after the breakdown only reinforces the negative short-term outlook.

Should selling momentum persist, the next meaningful downside target appears to be the $0.135 zone, a level highlighted on technical charts as a potential area where stronger buyer interest might emerge.

Momentum Indicators Paint a Bearish Picture

A closer look at daily technical indicators further supports the case for continued weakness. The Relative Strength Index (RSI) has fallen to 37.35, dropping below its moving average of 47.35 — a signal that buying power has eroded throughout the current decline. While the RSI has not yet entered oversold territory, it is rapidly approaching that threshold, suggesting further downside could be near.

The MACD indicator adds to the bearish narrative. Currently reading at -0.00204 versus a signal line of -0.00058, the MACD remains firmly below the signal line. The histogram is also negative at -0.00146, confirming that sellers continue to dominate price action on the daily timeframe. Unless these indicators begin reversing, the path of least resistance remains to the downside.

Liquidity Map Highlights Key Zones

According to data from the Liquidation Heatmap, notable liquidity clusters have formed just below the current market price, specifically in the $0.145–$0.146 range. These pools of liquidity represent the most immediate downside targets following the channel breakdown.

A second, more significant concentration of liquidity sits near the $0.135 level — aligning with the projected technical target and making it a high-priority zone for sellers looking to push the price lower. On the upside, the most substantial liquidity cluster is located around $0.152, though a sweep of the lower zones would likely need to occur before that level becomes relevant again.

If buyers manage to absorb the selling pressure near these lower liquidity zones, a rotation back toward the upper cluster could become possible. However, the current evidence suggests that scenario remains premature.

Outlook

Canton's technical setup remains unfavorable in the near term. The loss of the ascending channel, weakening momentum indicators, and concentrated downside liquidity all point toward a potential move to the $0.135 area. A meaningful recovery will likely require buyers to step in aggressively at or near that level before the broader trend can shift.