The cryptocurrency market has reversed the positive start it had on Friday, with Bitcoin and other leading cryptocurrencies currently in the red.
Bitcoin, the leading crypto by market cap, is now trading at $79,000, declining by 1.67% over the last 24 hours.
Meanwhile, CC, the native coin of the Canton Network, is down 6.9% in the last 24 hours. The coin is up 8.5% so far this week, outperforming the broader cryptocurrency market during that period.
Canton (CC) has dropped to the $0.15 level on Friday, building on risk-on sentiment after the network announced a software update that enables atomic composability.
Canton enables atomic composability
CC is up by 8.5% in the last seven days and could reverse its recent weakness and rally higher in the near term thanks to positive developments within the Canton ecosystem.
Canton announced on Thursday that the network has achieved atomic composability following a software upgrade released by Zeneth, an Ethereum Virtual Machine (EVM).
The team revealed that Zeneth built the execution by connecting the Ethereum developer tooling to Canton’s privacy and compliance architecture.
Furthermore, the software upgrade enables atomic composability across both networks, Canton and Zeneth.
According to Canton, Atomic composability is a core principle in Decentralized Finance (DeFi), facilitating efficient, multi-step operations within one transaction.
This feature allows developers to combine multiple distinct actions or smart contract iterations into a single, indivisible transaction.
In addition to the network upgrade, retail demand for Canton continues to improve, suggesting confidence in the ecosystem.
The CoinGlass futures Open Interest-Weighted Funding Rate reads 0.0065% on Friday, suggesting bullish sentiment as traders increasingly favored long positions.
This metric has largely remained in the positive region since mid-April.
Canton price analysis: CC bulls tighten grip
The CC/USD 4-hour chart is bullish as Canton is one of the best performers so far this week. CC hit the $0.1700 level on Thursday but has slightly retraced and now trades at $0.15.
It is currently trading above major Exponential Moving Averages (EMAs), the 50-day EMA at $0.1501 and the 100-day EMA at $0.1456.
Momentum remains constructive, reinforced by a positive Moving Average Convergence Divergence (MACD) histogram on the daily chart.
The Relative Strength Index (RSI) of 57 shows that buyers are still in control, with the metric not yet in the overbought region.
If the rally persists, CC could reclaim the $0.1700 psychological level.
A daily close above $0.1700 would support the rally, aiming for a break above the next key resistance at $0.2000.
However, if the correction continues, Canton could record further losses in the near term.
A decisive close below this level could expose the 50-day EMA at $0.1501 and the 100-day EMA at $0.1456 as the next tentative support levels.
The coin is currently undergoing a correction, but could bounce back soon as the broader crypto market flips bullish.
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