VGX value has accomplished up to now few months as Voyager Digital’s chapter proceedings proceed. The token rose to a excessive of $0.9388, which was the best degree since July 13. It has jumped by greater than 538% from the bottom degree this yr, giving it a market cap of over $262 million.
Why is Voyager Digital coin rising?
Voyager Digital was one of many largest corporations within the cryptocurrency business. The Canadian firm supplied cryptocurrency buying and selling and investing options to tens of millions of individuals throughout its peak. At the time, it used to deal with transactions value billions of {dollars} each week.VGX is the native governance token for the platform.
Voyager filed for voluntary chapter proceedings in its bid to restructure money owed value billions of {dollars}. As it does this, the agency has introduced that it’ll cease receiving deposits and course of withdrawals from its clients.
Still, regardless of this disaster, the VGX value has continued rising and even outperforming many cryptocurrencies like Bitcoin and Ethereum.
There are two potential reasons for this. First, there is rising hope that Voyager Digital asset’s will quickly be acquired. According to media experiences, corporations like FTX and Binance are at the moment negotiating to amass the agency. If this occurs, the potential acquirer will probably have the sources to make it vibrant once more.
Second, the VGX value has risen due to a state of affairs that has turn out to be common lately. We have seen share costs of troubled corporations soar. For instance, Revlon shares have jumped by greater than 57% up to now three months even though the corporate has filed for chapter safety.
Similarly, shares of corporations like Hertz soared after initiating chapter proceedings. In cryptocurrencies, Celsius’s CEL token jumped after the platform went out of enterprise.
VGX value prediction
The day by day chart reveals that the Voyager Digital token has been in a powerful bullish development up to now few weeks. During this time, it has jumped above the 25-day and 50-day transferring averages. It has additionally moved above the necessary resistance degree at $0.7391, which was the best level on August 26.
The Awesome Oscillator has jumped above the impartial level. Therefore, the coin will probably proceed rising as bulls goal the following key resistance degree at $1.4, which was the best level on July 13. A drop under the assist at $0.70 will invalidate the bullish view.
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