Voyager Digital token went vertical on Monday as demand for the crypto token rose. It jumped by greater than 50% and soared to the very best degree since September thirtieth of this yr. VGX has surged by over 112% from the bottom level in 2023.
Why is the VGX worth hovering?
Voyager Digital was as soon as one of many largest crypto exchanges on the planet. It had billions of {dollars} price of shopper belongings and tens of millions of shoppers from all over the world.
Voyager grew to become one of many high casualties of the collapse of Terra and its ecosystem. Following Terra’s collapse, the corporate, together with different corporations like Celsius Community and Three Arrow Capital additionally went bankrupt.
Voyager Digital was then acquired by FTX in chapter proceedings. Nevertheless, the acquisition was not finalized when FTX collapsed in October.
Now, the corporate is within the strategy of being acquired by Binance for $1 billion. Binance is the largest firm within the crypto business as measured by its variety of purchasers and amount of cash in its ecosystem. Some authorities, particularly within the US, have expressed issues for Binance’s acquisition of the corporate.
It isn’t clear why the VGX token worth is hovering. A possible cause is that traders anticipate some main information from the corporate and its regulators. One other doable cause is that that is merely a brief squeeze, which occurs when traders push an asset’s worth greater with the objective of punishing short-sellers.
Voyager Digital crypto worth prediction
The 4H chart reveals that the VGX crypto worth went parabolic on Monday as a brief squeeze occurred. Because it jumped, the token managed to maneuver above the necessary resistance degree at $0.4851, the very best level on January 16 and December 3.
The coin moved above the neckline of the inverted head and shoulders sample that has been forming previously few weeks. It has additionally risen above the 25-day and 50-day transferring averages. The token has moved above the overbought degree. Due to this fact, the coin will seemingly retreat as sellers goal the following key help degree at $0.50.
