Voyager token (VGX/USD) jumps 24%. Here is the reason and potential price action next
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Voyager token rose by double-digits on Thursday
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Reports of acquisition by Binance.US boosted the token
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The token faces a correction at key resistance
Voyager (VGX/USD) was at the centre of retail interest on Thursday, witnessing a surge in trading volumes. The cryptocurrency of the embattled crypto firm Voyager Digital was strongly mentioned on social trading platforms. Positive cryptocurrency news was boosting the token of the bankrupt crypto lender.
On Thursday, reports emerged that Binance.US was buying the embattled crypto firm. Voyager filed for bankruptcy protection in July in a liquidity crisis after a sustained crypto winter. Binance CEO Changpeng Zhao confirmed the purchase reports on Thursday. CZ said Binance.US would bid again for Voyager after the deal with collapsed FTX didn’t go through.
Binance.US is not the only entity to eye the assets of Voyager. On November 22, Kaj Labs said it would launch a second offer to acquire the assets of the embattled firm. Kaj Labs says it still sees value in the assets of Voyager and will negotiate in good faith with the firm. However, the entry of Biannce.US to the bidding war has attracted attention.
VGX traded at an intraday high of $0.53, from the lows of $0.35. As of press time, the cryptocurrency was trading at $0.44 after a brief correction. The next price action and developments would determine whether we see a sustained bullish surge for VGX.
VGX correcting at resistance after intra-day gains
On the daily chart, VGX has initiated a short-term bullish trend since bottoming at $0.2. Following the intra-day gains, the cryptocurrency rose above resistance at $0.44. However, the price has retreated and could close below the resistance.
The RSI has moved above the neutral zone. There are no bought conditions, nonetheless, suggesting that a higher price is possible.
Should you buy VGX now?
The closure of the daily candlestick above $0.44 could ignite bull interest in VGX. However, this cryptocurrency is being driven by speculations.
Thus, short corrections can occur if the projected buyout of the embattled firm fails to occur. Buying VGX now could be premature, and it’s good to wait until further developments.
Where to buy VGX
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Swapzone
Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.
