Amid this move, the Moving Average Convergence Divergence (MACD) has just printed a bullish crossover, with the MACD line crossing above the signal line near the zero boundary.
That’s the first constructive momentum signal since the asset began its slide from the Feb. 26 peak near $0.18.
Crucially, the crossover arrives right as CC’s price bounces from a key green support zone around $0.14.
The RSI supports the case as well. At 57.43, the 14-period RSI has climbed back into bullish territory.
Meanwhile, the signal line sits at 44.57, and the gap between the two is widening. That divergence suggests momentum is accelerating to the upside.
However, the chart carries a significant caveat. A descending trendline from the February peak continues to press down on the Canton coin price, currently intersecting near $0.15.
But this is worth paying attention to. According to Santiment, the weighted sentiment chart for CC shows the indicator crashing to -1.002 on March 23.
Notably, this is its most negative reading across the entire four-month window. Historically, extreme negative sentiment like this often signals the point at which selling exhaustion sets in.
The backdrop explains the gloom. Canton’s price peaked near $0.20 in late January, riding a wave of positive sentiment that had spiked around Dec. 31.
However, the privacy coin’s price dropped through February and March, grinding down to the current level of $0.15, a decline of roughly 25% from the peak.
Throughout that decline, sentiment deteriorated in waves. Each brief sentiment recovery in February and early March failed to produce a sustained price bounce.
Instead, sellers reasserted control each time, pushing CC to fresh lows and dragging sentiment deeper into negative territory.
Now, however, the setup is becoming interesting from a contrarian standpoint. Peak negative sentiment frequently coincides with local price bottoms.
When the crowd is maximally bearish, there are few sellers left to act. So, even modest positive news can trigger sharp reversals.
That said, the Canton coin price has not yet confirmed a turn. CC needs to reclaim $0.18 convincingly to suggest a floor is forming. Until then, sentiment alone doesn’t guarantee a bounce.
CC Price Prediction: Strength Returns
On the daily chart, CC’s price has surged after a prolonged losing streak. The bounce is encouraging on the surface, but the broader technical picture demands careful scrutiny.
The most critical development is where the price is holding. CC sits just above the 0.618 Fibonacci level at $0.14.
Holding this level matters enormously. In Fibonacci theory, the 0.618 retracement is the last major defence before a move qualifies as a full reversal.
Losing it would open the door toward the 0.5 level at $0.123 and potentially the 0.382 level at $0.10.
Meanwhile, a descending trendline on the Canton coin price continues pressing down from the February peak near $0.19.
However, the altcoin’s price has not broken it yet.
In addition, the indicators paint a mixed picture. The Bull Bear Power (BBP) sits at -0.00548, confirming that sellers still dominate the market.
Furthermore, the MFI reads 42.24, signaling that money flow into CC has been consistently weakening even during brief price recoveries.
Today’s 3.67% bounce is constructive, but one green candle doesn’t reverse a trend.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
