The ANT Crypto is Following Rising Channel; What Can Happen Next?

• In the last year, Aragon crypto has given a return of more than 190%.
• The derivative trading volume of the Aragon is witnessing a huge advance.

Aragon is a blockchain platform for decentralized organizations (DAOs). It provides tools for creating, managing, and governing DAOs with the ANT token. It was launched in 2016 by the Aragon Association.

The circulating supply market cap of the Aragon crypto is $227.7M and the fully diluted market cap of the crypto is $245.689M. It is followed by a total supply of 43.179M ANT, which is similar to the circulating supply.

The market cap of the Aragon crypto has advanced by 3% in the last 24 hours resulting in a ranking of #171 as per CoinMarketCap. Moreover, the trading volume of the crypto has also declined by 12.5%, resulting in $9.17M of crypto traded in the last 24 hours.

The current volume/market cap ratio of the crypto is 4.74% and the market cap dominance of ANT crypto is 0.014%. Also, with the price increase of 1.10% in the last seven days the ANT is outperforming the global cryptocurrency market as per Coingecko.

Aragon Crypto Derivatives Analysis

The derivative trading volume of the ANT crypti has advanced by 7.7% in the last 24 hours. Moreover, the open interest of the crypto has also advanced by 5.08%. It has resulted in an open interest of $9.37M. 

The crypto has also witnessed a higher short liquidation of $16.80K as compared to the long liquidation of $4.35K. That has resulted in a long/short ratio of 0.9573.

ANT Crypto Technical Analysis

From the beginning of 2023, the ANT crypto has consistently formed the higher high swing pattern on the charts, leading to the formation of the rising wedge channel. 

The crypto price is still trading inside the same and the price is expected to keep advancing unless it follows the rising channel.

ANT/USD Chart by TradingView

On the daily chart of the ANT crypto, the price is trading in an uptrend. The Bollinger Band is indicating a buy signal as the price has advanced above the median line and the Bollinger Band is also advancing to the higher levels.

The MACD indicator is also trading in a bullish zone with the signal line and the MACD line trading above the zero level. Despite this, the lines are trading in a death cross indicating a possibility of retracement in the trading price of the crypto.

Conclusion

Aragon is a promising blockchain platform for decentralized organizations. It has shown strong performance and growth in the past year. The ANT crypto is following a rising channel and has bullish indicators. Aragon could reach new highs soon if it breaks out of the channel or continues to follow the channel.

Technical Levels 

• Support levels- $2.70 and $4.40
• Resistance levels- $7.00 and $9.00

Disclaimer

The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.