CANTO (CANTO) Price Prediction 2022-2025: Will CANTO Recover?

CANTO was up 40% despite a series of outages that have rocked the network in the last few days. The chain went down on Sunday, the 11th of August

Despite a series of network outages, CANTO (CANTO) is up 40% in the last 24 hours. The last block production on the Canto network occurred on August 12 at 14:02 UTC, according to Canto Explorer. The outages were caused by “unforeseen secondary effects” of a recent network upgrade, the developers said.

Block production will resume on August 13 after a new patch is deployed by the developers.

CANTO was trading at $0.064 at the time of writing, up over 40% in the last 24 hours. Trading volumes also increased by 87%, according to data from CoinMarketCap.

The Relative Strength Index (RSI) line was tipping north, showing a rise in buying momentum as the market becomes more bullish. The RSI crossing above the signal line further portrayed a buying signal.

The Chaikin Money Flow (CMF) has been making higher lows despite being in negative territory. This indicates that buying pressure is beginning to outweigh the selling pressure. However, buyers need to provide more support to sustain the uptrend.

The formation of the falling wedge pattern further suggests the continuation of the uptrend as prices recover from the recent pullback that saw the price plunge to $0.036 on August 12.

If the price breaks out above the upper trendline of the falling wedge, CANTO will target the 1 Fib level ($0.12). Conversely, if the uptrend fails, the token will likely drop to the 0.236 Fib level ($0.0116).

Helius Labs CEO Mert Mumtaz has called out the Canto network team over the lack of community engagement.

“I don’t care if you go down but you have a duty to the people holding funds on your chain to keep them informed,” he stated.

Meanwhile, analyst Marty Party on X noted that the network has been witnessing a slump in on-chain activity, posing a significant challenge to its future growth.

Data from DeFiLlama shows that the network’s Total Value Locked (TVL) has dropped from over $200 million in March last year to $14 million. The declining TVL points towards reduced demand and confidence in the project.