ANT Token Rebounds Following Launch of “Aragon Court”
Token holders tapped to govern decentralized disputes protocol.
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Aragon revealed the launch of a new platform that brings it closer to its goal of becoming the world’s first digital jurisdiction.
A New Borderless Disputes Resolution Platform
On Feb. 10, Aragon announced the official introduction of Aragon Court. This is a dispute resolution protocol that was created for the “Internet era,” according to the release. Jurors are incentivized to review and adjudicate disputes on the new borderless platform and penalize users for wrongdoing.
Thus far, nearly 250 jurors have signed up, according to the announcement.
In addition, over one million ANT, worth $740,000, have been staked on the protocol, which will be used to fund the rewards program. Now, Aragon Court is set to go through a series of tests to evaluate the functionality of the network.
“The protocol and jurors will be tested through a series of mock disputes to establish a precedent history subscribers and jurors alike can refer to when reasoning about how a given dispute may resolve in the future,” reads the announcement.
The series of simulations will demonstrate the capability of the system to “resolve disputes fairly and consistently.”
Following the stress-test period, the co-founder of Aragon and Executive Director of the Aragon Association, Luis Cuende, stated that the governance of the entire protocol will be given to ANT holders. Those governing the protocol will receive “a portion of the revenues of Aragon Court,” said Cuende.
Today, a new jurisdiction just appeared on the map, and it’s called Aragon ? https://t.co/DbOkwVSZGn
— Luis Cuende ? (@licuende) February 10, 2020
Despite the significance of the announcement, Aragon saw its price plunge over 17% in the last 24 hours. Now, a technical index estimates that ANT could be bound for a bullish impulse.
ANT Seems Looks for a Rebound
The bearish momentum that Aragon recently went through took the token’s price down to a low of $0.68. Such a downward movement appears to have broken through the lower boundary of an ascending channel where this cryptocurrency has been contained since the beginning of 2020.
Since then, each time ANT surges to the top of the channel, it retraces to the middle or the bottom. Conversely, when it hits the bottom of the channel, it bounces off to the middle or the top.
Breaking below this significant resistance cluster suggests that Aragon is bound for a steeper decline.
By drawing a parallel line equal to the distance of the height of the channel, a target of $0.54 is given by this technical pattern representing a 30% correction from the current price levels.
Nevertheless, the TD sequential indicator is presenting a buy signal in the form of a red nine candlestick on ANT’s 4-hour chart. This technical index estimates that Aragon could surge for one to four candlesticks or begin a new upward countdown.
Aragon’s ability to close the daily candlestick above the lower boundary of the ascending parallel channel will determine its fate. Closing below it would likely validate the bearish outlook while a spike in demand could allow it to continue trading within the channel.
Time will tell whether the introduction of Aragon Court will spark interest among investors to help maintain the uptrend seen since the beginning of the year.