Voyager Digital worth made a robust 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 alternate that served 1000’s of individuals internationally. The corporate grew to become one of many greatest victims of the current cryptocurrency crash because it was pressured to file for chapter a couple of months in the past.
Voyager Digital has been in court docket 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 keeping with court docket 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 court docket 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.
Subsequently, the VGX worth 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.
Additionally it is price noting that there’s a disconnect between Voyager Digital’s fundamentals and that of the VGX token.
VGX worth prediction
The four-hour chart exhibits 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 12 months. 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.
Subsequently, 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.
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