Canton Coin (CC) started to rise, breaking its 3-week-long downtrend, after the social media mentions about the coin blew up. With the coin still on the rise, there could be a new all-time high coming soon.
Canton Network is a layer 1 smart contract blockchain for public network adoption of RWAs and TradFi institutions. Its utility coin, Canton Coin (CC), began to rise, breaking its 3-week-long downtrend. Institutional interest spiked as major financial institutions started building on the platform, and there was a surge in user engagement around rewards and features.
After analyzing more than 1700 social media posts, LunarCrush, a social media analytical platform, found some intriguing data.
Discussions about Send app and token earn flood social media
45% of mindshare— a parameter used to gauge how much a brand, product, or idea occupies the minds of consumers compared to competitors—was about the Send application, which is built on the Canton network for payments and transfers.
35% of mindshare was discussion around the earnings of CC tokens through activities within the ecosystem, while 15% of mindshare was about the practical utility and the user experience of the send application and the Canton wallet.
As shown in the chart below, Canton Coin has just broken out of a bull flag. Once a coin breaks out from this bullish flag, it usually rises until it reaches the height of the flagpole ($0.177), as shown in the chart. If Canton keeps rising until it reaches the height of the flagpole, it may establish a new all-time high, crashing above its previous all-time high of $0.1757.
However, CC’s rise towards $0.177 may be obstructed temporarily as the Relative Strength Index indicator is signaling overbought conditions. As such, the market could correct the prices, and CC will hit resistance at the $0.152 price level. But if the bulls still hang around and the community’s interest in the Send app and Canton wallet does not wane, then CC will be back on track, rising towards establishing a new all-time high.
