Aragon price went parabolic on Tuesday as demand for the coin jumped. The ANT token rose to a high of $2.37, which was the highest level since June 15 of this year. The current price is about 50% above the lowest level this year. It has a total market cap of over $69 million, making it the 340th biggest cryptocurrency in the world.
What is Aragon and why is it rising?
Aragon is a blockchain project that is widely used by other developers to build their decentralized autonomous organizations (DAO). It is backed by Tim Draper, one of the best-known venture capitalists in the world.
Its primary product is known as the Aragon Client, which provides all tools that developers need to run their DAOs. Communities use its platform to create their DAOs and facilitate voting, finance, token management, payroll, and espresso among others.
According to its website, there are over 3,800 DAOs built with Aragon. These DAOs have a total value locked (TVL) of over $300 million. There are over 300k members of Aragon DAOs and over $200 million in Aragon’s treasury.
Aragon has been used by some of the leading developers in the world. Some of the top developers who are using Aragon are API3, Decentraland, BrightID, Lido, and BadgerDAO among others.
Aragon has other solutions that are intended to help developers build their DAOs. Its Aragon App is an upcoming product that has features like smart contracts, SDK, and a design system. Further, it has Aragon Voice, which is a gasless and universally verifiable voting solution, and Vocdoni, which is a tool to facilitate transparency voting.
Aragon price went parabolic on Tuesday as investors moved to buy the dip. It also rose as the volume jumped, which could be a sign of wash sale.
Aragon price prediction
The two-hour chart shows that the ANT price has been in a strong bullish trend in the past few days. The coin rose to a high of $2.37 and then pulled back to the current $1.80. It has moved between the 25-day and 50-day moving averages.
Therefore, the coin will likely resume the bearish trend as sellers attempt to fill the gap that is slightly below the support at $1.73. A move above the resistance point at $2.2 will invalidate the bearish view.
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