Well, Bitcoin rolled over during these final few days of March 2020 and looks to be headed lower. If the cryptocurrency can remain above $4,800 during this upcoming price decline we will be pretty fortunate to prevent further price drops! On the other hand, to turn bullish, the coin will have to break above $6,790 and continue above $7,000.
Nevertheless, today I would like to provide a 2020 price prediction for a great Decentralized Autonomous Organization (DAO) platform known as Aragon.
Firstly, let us take a look at the performance of Aragon (ANT) below from January 2019 until today;
Looking at the chart above, we can see that Aragon was performing pretty well during 2019 until the winter months started. It was slowly grinding higher throughout the year as it reached a high of around $1.10 during October. Unfortunately, in November and December, the cryptocurrency went on to fall back into the 2019 lows to close the year.
However, during the opening months of 2020, we can see that Aragon started to surge quite aggressively. It managed to increase by around 280% as it went from a low of around $0.40 to reach as high as $1.40.
But then the March 2020 market crash came.
Aragon went on to drop below the $0.50 before the price decline stabilized slightly as it now trades at around the $0.70 as of late March 2020.
The Aragon project is a pretty innovative platform as it allows organizations to deploy themselves as Decentralized Autonomous Organizations (DAO) in a democratic and transparent way that is all secured by the Ethereum blockchain.
As an example, let us look at charities. A charity could set up on this platform to prove to the world that they are totally honest in the way they conduct their charity. All the incoming funds are sent directly to the DAO on Aragon and are held there. Any outgoings are logged and can be reviewed by anybody. Furthermore, members of the charity can even vote on the best options to spend the money to help whoever the charity is aimed toward.
It does not stop at charities. Anybody can use the Aragon platform whether they are small individual organizations or large scale enterprises.
The platform recently released an exciting new feature that is likely to drive the price for ANT higher in 2020. This is the Aragon Court system which is the first digital court of its kind. It will allow all disputed to be adjudicated by human Jurours that are incentivized to be as honest as possible or risk losing funds themselves.
For the reasons stated above, and more discussed below, I believe that ANT has the potential to surge by a total of 470% from the current trading price ($0.70) to reach my 2020 price prediction of $4.00.
In this article, I’ll firstly cover a range of topics that I believe will influence ANT in reaching my $24.00 target during 2020 and then analyze ANT on the daily chart to highlight some areas of resistance on the way toward the target.
What Is Aragon (ANT)?
Aragon is a platform that allows anyone, individuals or enterprise, to come and create a Decentralized Autonomous Organization (DAO) that can easily be managed through a sophisticated dashboard.
The entire ethos for this project is to empower freedom for organizations by providing the tools for them to thrive in a decentralized, fully transparent, and auditable manner.
It is built as a decentralized application (dApp) on the Ethereum blockchain and this means that it is secured by one of the largest cryptocurrency blockchains in the space. The fact that any DAO is built on the blockchain means that decentralized autonomous organizations can be built regardless of geographical region and governmental constraints.
The platform has been designed to be extremely easy for anybody to create a DAO without any prior coding experience. In fact, you can build your DAO in just under 5 minutes without the need to be filing any paperwork. Furthermore, the organizations that are created are fully customizable which means that different organizations can tailor their DAO for their specific requirements. It is also fully modular which means that it is easy to customize any DAO by simply including different pre-built dApps into the organization as required.
The fact that Aragon is run on top of the Ethereum blockchain allows for the platform to also include smart contracts into its network. It also means that there is built-in transparency and everybody within the organization can view transactions, financials, and any other important information that is transmitted through Aragon.
The most important thing about organizations that are deployed on Aragon is the fact that they are democratic. DAOs can use unique governance models that can include secure and tamper-proof voting that can heavily empower communities
To find out more about the history of Aragon (including its ICO), who built it, and some DAOs that are already using the platform - take a look into this great in-depth write up that covers everything you need to know..
Aragon Metrics Showing Incredible Developmental Activity and User Growth
You only really need to think about non-profit organizations as one type of organization that would benefit greatly from being able to deploy their organization structure as a truly decentralized, democratic, and transparent autonomous organization to enhance their credibility.
The first chart below shows how the daily active addresses for Aragon have started to increase greatly since the start of 2020. This provides some solid evidence that there is some serious traction being gained around this project;
The following chart is pretty similar in which it shows the network growth for Aragon. In 2019 it was pretty static, however, toward the end of 2019 it really started to increase as more users and DAOs started to enter the platform;
This last chart shows the strong developmental activity for the Aragon project over the previous few years. Since launching, we can see that the developmental activity has only been increasing with some small dips here and there in activity. This shows that the team is constantly dedicated to improving its protocol and enhancing its features;
Aragon Court Is In Session
Aragon Court will be one of the most exciting things for the project in 2020 and is likely to be the strongest driver in increasing the price for ANT itself.
Aragon Court is the first digital court and dispute resolution protocol for the Internet era that allows anybody in the world to take part. It is completely decentralized and borderless making it the first ‘court’ system created for the internet.
It works by drafting human jurors to review disputes in a democratic way and incentivizes them to take part through financial rewards. It also ensures that there is an alignment of incentives as Jurors can also have financial penalties if they do not adjudicate well.
The demand for the Aragon Court system comes from DAOs to resolve disputes if members within an organization have any disagreements. The Jurors then step in to resolve the dispute to the best of their abilities.
To become a Juror, users will need to stake ANT into the platform and receive ANJ. Currently, there are over 1 million ANT staked and 261 Jurors within the network.
To find out more about Aragon Court and how it works in detail, take a look into this article.
Aragon (ANT) Price Analysis
LONG TERM - DAILY CHART
What Has Been Going On?
Taking a look at the daily chart above, we can see that 2019 was actually pretty flat for Aragon. Sure enough, it did increase from a low of around $0.30 to reach a high-dau close of around $0.95 during the year but the price for the coin started to drop toward the end of the year. In fact, it actually closed 2019 lower than the opening price for the year.
Nevertheless, Aragon went on to surge in 2020 as it increased from around $0.445 to reach a high of around $1.40. The resistance here is provided by a long term bearish .236 Fibonacci Retracement level (drawn in red) that is measured from the May 2018 high to the November 2018 low.
Unfortunately, the market crash came in March 2020 which caused the price for Aragon to plummet as low as $0.50. It has since rebounded slightly but is facing resistance at the 200-days EMA at around $0.70.
Are We Bullish Or Bearish (as of late March 2020)?
As of late March 2020, we are neither bullish nor bearish. Instead, we are looking pretty neutral as we drop into the trading range seen during 2019. If Aragon was to fall further beneath $0.50 it would be in strong danger of turning bearish.
On the other hand, if it was to break above the $1.40 resistance it would actually start to turn bullish again.
If the sellers do push lower, we can expect initial support to be located at $0.62 and $0.50. Beneath this, support is located at $0.445, $0.40, $0.35 (downside 1.272 Fib Extension), $0.30, and $0.29 (downside 1.414 Fib Extension).
If things do get really bad for Aragon, which they shouldn’t, added support can be found at $0.25 and $0.197 (downside 1.618 Fib Extension level).
Where Is The Resistance On The Way Up TO $4.00?
Alternatively, if the bulls can climb higher and break the resistance at $0.70 and $0.80, we can expect additional resistance at $0.95 and $1.00. Above $1, resistance is then located at $1.37 (bearish .236 Fib extension level).
Once the buyers break above the 2020 high, resistance can be found at $1.60, $1.73 (short term 1.272 Fib Extension), $1.88 (short term 1.414 Fib Extension), and $2.05 (bearish .382 Fibonacci Retracement level).
This is then followed with resistance at $2.20, $2.60 (bearish .5 Fib Retracement), $2.87, $3.00, and $3.14 (bearish .618 Fib Extension level). The bulls will then only have to contest resistance at $3.50 and $3.92 (bearish .786 Fib Retracement) to be free to make an attempt at my 2020 target of $4.00.
Aragon has every potential to increase by over 400% to reach my 2020 target of $4.00. The platform provides a solid use case that is already being used by many organizations (over 1000). Furthermore, there will always be more organizations that will be joining the platform as the year progresses.
Additionally, their newly released Aragon Court feature will most certainly add to the bullish case as more users attempt to become Jurors on the system by locking up ANT to gain access.