VGX value has accomplished prior 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 12 months, giving it a market cap of over $262 million.
Why is Voyager Digital coin rising?
Voyager Digital was one of many greatest corporations within the cryptocurrency trade. The Canadian firm supplied cryptocurrency buying and selling and investing options to thousands and thousands of individuals throughout its peak. On 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}. Because it does this, the agency has introduced that it’ll cease receiving deposits and course of withdrawals from its clients.
Nonetheless, regardless of this disaster, the VGX value has continued rising and even outperforming many cryptocurrencies like Bitcoin and Ethereum.
There are two potential causes for this. First, there may be rising hope that Voyager Digital asset’s will quickly be acquired. In accordance with media stories, corporations like FTX and Binance are presently negotiating to accumulate the agency. If this occurs, the potential acquirer will possible have the assets to make it vibrant once more.
Second, the VGX value has risen due to a situation that has turn into fashionable not too long ago. We have now seen share costs of troubled corporations soar. For instance, Revlon shares have jumped by greater than 57% prior to now three months even if the corporate has filed for chapter safety.
Equally, 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 each day chart reveals that the Voyager Digital token has been in a robust bullish pattern prior to now few weeks. Throughout this time, it has jumped above the 25-day and 50-day shifting averages. It has additionally moved above the vital resistance degree at $0.7391, which was the best level on August 26.
The Superior Oscillator has jumped above the impartial level. Due to this fact, the coin will possible 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.