Aragon (ANT) token price falls after jumping 92% as DAO global hackathon FOMO fizzles

Key Takeaways:

• Aragon’s (ANT) token price fell 29% since Dec 16, eating away at its current week’s gains.
• The ANT token’s uptrend likely derives fundamentals from a DAO global hackathon that aims to attract developers to the Aragon ecosystem.

NEW DELHI (CoinChapter.com) — Aragon (ANT) token, a blockchain network that helps maintain and create decentralized autonomous organizations (DAOs) on the Ethereum blockchain, nearly doubled its price this week as it jumped over 92% from Dec 13’s low ($4.02) to Dec 16’s high ($7.74).

Price later pulled back, and the network’s ANT token price fell 29% from the week’s high ($7.74) to Friday’s low ($5.49). However, the initial jump was big enough to keep Aragon green on the weekly charts. In addition, ANT coin has outperformed a majority of other cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Avalanche (AVAX).

Aragon (ANT) Daily Price Chart

Aragon has immediate support at $5.53, which ANT token tested on Friday. However, a confluence of 50-day and 100-day MA trendlines with the 26-day EMA line, near the $5 price level, would likely act as key support for the Aragon token. However, if prices fail to recover over the weekend, ANT could test the $4.67 price level before recovering.

$6.38 is a key resistance for the ANT token, as a move above it would highlight strong buyers are supporting the uptrend. In addition, a sustained buying pressure would push prices to nearly $7 before any pullbacks occur.

Also Read: JasmyCoin(JASMY) flashes conflicting technicals amid growing adoption.

The relative strength index for ANT Coin pulled back from the borders of the overbought region on Dec 16. At present, Aragon has a neutral RSI, clocking a value of 54.75 on the daily charts.

MACD, a trend-based momentum oscillator, continues to be bullish for ANT. Bars on the MACD histogram are positive, indicating the MACD line (difference between 12-day and 26-day EMA) continues to move above its signal line (9-day EMA of MACD).

However, the histogram bars are contracting, highlighting that ANT’s bullish momentum might be weakening.

Aragon (ANT) Token and the DAO Global Hackathon

The Aragon Network is a decentralized governance platform that aims to help organizations, investors, and entrepreneurs do business without a legal nexus.

Also Read: Verasity (VRA) token eyes a 200% uptrend underway.

As Aragon is a relatively small player in the overall crypto markets, the ANT token will likely post big moves reacting to relatively little news. The 2021 DAO Global Hackathon, concluded on Dec 10, attracting developers and investors to the Aragon ecosystem.

The DAO Global Hackathon has been a huge success:

>1000 registered Gitcoin participants.
>700 new Discord joiners.
+ 35 total project submissions 💰

Join us for the Final Event this Friday, Dec 17th, as we announce the winners live on YouTube 📎https://t.co/ybCtwVaGzD

— Aragon 🦅 (@AragonProject) December 14, 2021

Aragon was one of the sponsors for the event, along with Agora Space, DeepDAO, Gitcoin, Gnosis, Polygon, among others. More than 300 developers worldwide worked on cross-platform, token-based social platforms and NFTs.

Finance & Operations, a core technology for DAOs, and tools for a multi-chain DAO were other areas of interest during the hackathon. The hackathon has a prize pool worth more than $144,000.

Increased developer interest would also attract investors who would like to participate in promising projects at the grassroots level. Consequentially, investor interest would also help bring more projects, listings, and partnerships. However, Aragon still has some distance to travel before competing with existing blockchains.

At the time of writing, ANT token was trading at $5.83, down 6.76% on the day.