Voyager Digital price made a robust restoration prior to now few days amid rising expectations that the corporate will quickly be acquired out of chapter. The VGX token rose to a excessive of $0.7785, which was the very best stage since September 16. It has risen by greater than 30% from its lowest stage final week.
Voyager Digital to be acquired
Voyager Digital was a main Canadian cryptocurrency trade that served 1000’s of individuals internationally. The firm turned one of many largest victims of the current cryptocurrency crash as it was compelled to file for chapter a few months in the past.
Voyager Digital has been in courtroom as the administration makes an attempt to restructure its funds. As such, there may be a rising sense of expectation that the corporate will quickly be acquired at a throw-away price. The main potential acquirers are FTX and Wave Finance.
Last week, it emerged that FTX had taken a pole place in buying the corporate. According to courtroom filings, its bid has been greater than that of Wave Finance. FTX has been elevating capital from buyers to assist a potential acquisition.
The most up-to-date replace was that Voyager Digital requested the chapter courtroom in New York to unwind a mortgage it made to Alameda Research. The mortgage was principally dominated in cryptocurrencies like BTC, USDC, and ether.
The new growth is notable since Alameda and FTX have comparable possession. Sam Bankman-Fried is a main shareholder within the two firms.
Therefore, the VGX price has risen as buyers anticipate that Voyager Digital will resume operations quickly. Still, it’s too early to find out whether or not the corporate shall be acquired. And if it does, it’s unclear what the brand new homeowners will do with the VGX token.
It can also be price noting that there’s a disconnect between Voyager Digital’s fundamentals and that of the VGX token.
VGX price prediction
The four-hour chart reveals that the VGX token price has been in a bearish development prior to now few days. It has fallen by greater than 50% from the very best stage this 12 months. The coin shaped a downward development that’s proven in black. It has moved to the 25-day and 50-day shifting averages and the 50% Fibonacci Retracement stage.
Therefore, there may be a probability that it’ll transfer to the decrease facet of the descending channel at $0.550. A transfer above the resistance stage at $0.7500 will invalidate the bearish view.
