Voyager Digital value made a robust restoration previously 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 degree since September 16. It has risen by greater than 30% from its lowest degree final week.
Voyager Digital to be acquired
Voyager Digital was a number one Canadian cryptocurrency trade that served hundreds of individuals internationally. The corporate turned one of many largest victims of the latest cryptocurrency crash because it was pressured to file for chapter just a few 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 value. 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 response to courtroom filings, its bid has been increased than that of Wave Finance. FTX has been elevating capital from traders to assist 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 principally 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 value has risen as traders anticipate that Voyager Digital will resume operations quickly. Nonetheless, it’s too early to find out whether or not the corporate will probably be acquired. And if it does, it’s unclear what the brand new house owners will do with the VGX token.
It is usually price noting that there’s a disconnect between Voyager Digital’s fundamentals and that of the VGX token.
VGX value prediction
The four-hour chart exhibits that the VGX token value has been in a bearish pattern previously few days. It has fallen by greater than 50% from the best degree 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 degree.
Due to this fact, there’s a chance that it’ll transfer to the decrease aspect of the descending channel at $0.550. A transfer above the resistance degree at $0.7500 will invalidate the bearish view.
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