• 16 July, 2024
News

Aragon Surges Surpassing Resistance Levels: Traders Remain Optimistic

In the recent crypto market breakout, Aragon experienced notable growth, which garnered interest from both investors and analysts. Breaking through resistance levels and decreasing supply on exchanges contributed to its surge alongside other factors causing it. Surpassing resistance levels renewed optimism among traders leading to more buying activity that drove up prices while diminishing availability provoked urgency among those looking to acquire Aragon tokens promptly. 

The prominent crypto analytic platform Santiment shared a Twitter post providing insights on the current performance of Aragon:

Whale behavior played a significant role in driving the upswing, as prominent investors displayed confidence by accumulating Aragon tokens. This accumulation by influential market players further boosted bullish sentiment surrounding Aragon’s future prospects. 

However, it is crucial for individuals to consider additional factors that could either reinforce or challenge this optimistic outlook. Factors such as community engagement, partnership development, and the overall strength of the team/project are the key determinants that would shape Aragon’s performance in the coming days and months.

The Aragon (ANT) price analysis revealed that the ANT market is currently in an uptrend with a strong bullish movement. The coin has increased in value by 6% over the past 24 hours and is now trading above the $4.30 mark. The support level for the token is seen at $4.00, and if bears manage to push the price below this level, then there could be a further drop in the price of ANT. On the other hand, if bulls manage to keep prices above $4.82, then the token may continue on its uptrend and move toward higher levels.

Over the last 24 hours, more than $40 million worth of ANT tokens have been moved, increasing the daily trading volume. This sum is 74% larger than the day before, indicating an increase in the interest in the token. The ANT coin is presently ranked 144th on CoinMarketCap and has a $172 million market cap.

The hourly technical indicators for the ANT market indicate short-term bullishness. The MACD has just completed a bullish crossover, and the 20-EMA has crossed above the 50-EMA, signaling a bullish trend. The Histogram displays a positive trend since the bars have turned green, and the MACD line has crossed above the signal line and is displaying a persistent rise. 

  ANT/USD 4-hour price chart: TradingView

                         

The Relative strength index (RSI) also shows a strong bullish sentiment at 70.56, moving towards the overbought zone. The 50-day moving average (MA) too shows a bullish sentiment as it has crossed above the 200-day MA. This indicates that the long-term trend is also bullish, with the current moving average at the $3.65 level.

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