Voyager Digital worth made a powerful 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 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 number one Canadian cryptocurrency trade that served 1000’s of individuals internationally. The corporate grew to become one of many largest victims of the current cryptocurrency crash because it was compelled to file for chapter a number of months in the past.
Voyager Digital has been in courtroom because the administration makes an attempt to restructure its funds. As such, there’s a rising sense of expectation that the corporate will quickly be acquired at a throw-away worth. The main potential acquirers are FTX and Wave Finance.
Final week, it emerged that FTX had taken a pole place in buying the corporate. In line with courtroom filings, its bid has been larger than that of Wave Finance. FTX has been elevating capital from buyers to help a possible acquisition.
The newest replace was that Voyager Digital requested the chapter courtroom in New York to unwind a mortgage it made to Alameda Analysis. The mortgage was largely dominated in cryptocurrencies like BTC, USDC, and ether.
The brand new improvement is notable since Alameda and FTX have comparable possession. Sam Bankman-Fried is a significant shareholder within the two corporations.
Due to this fact, the VGX worth has risen as buyers anticipate that Voyager Digital will resume operations quickly. Nonetheless, 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’s also value noting that there’s a disconnect between Voyager Digital’s fundamentals and that of the VGX token.
VGX worth prediction
The four-hour chart reveals that the VGX token worth has been in a bearish pattern prior to now few days. It has fallen by greater than 50% from the best stage this yr. The coin shaped a downward pattern that’s proven in black. It has moved to the 25-day and 50-day shifting averages and the 50% Fibonacci Retracement stage.
Due to this fact, there’s a chance that it’s going to transfer to the decrease aspect of the descending channel at $0.550. A transfer above the resistance stage at $0.7500 will invalidate the bearish view.