The VGX price has made a strong comeback in the past few days. The Voyager Digital token rose to a high of $0.4525, which was the highest level since October 11. It has jumped by more than 100% from its lowest level this month.
The VGX price has done well in the past few months even as the future of the company remains in question. It has rallied by over 176% from its lowest level this year and by 100% from the month-to-date low.
The situation for Voyager got more complicated this month following the collapse of FTX. As you recall, Voyager filed for voluntary bankruptcy proceedings a few months ago. In these bankruptcy proceedings, the company agreed to be rescued by FTX.
Therefore, with FTX in bankruptcy, the rescue will not happen. The VGX price is now rising as other companies circle around the firm. Wave Financial, a leading crypto asset manager, has said that it will be interested in buying the company through an auction, Moelis & Co, a leading boutique investment firm, is carrying out the auction.
Other likely buyers of the company are Binance US and CrossTower. In a statement, CrossTower said that it was in advance negotiations with the company. Therefore, the Voyager Digital Token is rising as hopes of an acquisition remain.
The daily chart shows that the VGX price has done well in the past few days. It has risen by 100% from the lowest point this year. The token has retested the 50-day moving average while the Awesome Oscillator has continued rising and is approaching crossing the neutral level. It is also nearing the Ichimoku cloud.
Therefore, there is a likelihood that the coin will continue rising as buyers wait for progress on Voyager’s acquisition. If this happens, the next key level to watch will be at $0.5500. A move below the support at $0.3500 will invalidate the bullish view.
This post was last modified on Nov 17, 2022, 08:56 GMT 08:56