Voyager Token surged double digits on Thursday
Report of acquisition by Binance.US boosts the token
The coin faces a correction on a key resistance
Voyager (VGX/USD) was at the center of retail interest on Thursday, seeing a jump in trading volume. The cryptocurrency of troubled crypto firm Voyager Digital was heavily mentioned on the social trading platform. Positive cryptocurrency news was promoting the token of the bankrupt crypto lender.
On Thursday, reports emerged that Binance.US was buying the embattled crypto firm. filed for seaman bankruptcy protection In a liquidity crunch following a sustained crypto winter in July. Binance CEO Changpeng Zhao confirmed the purchase report on Thursday. CZ said that Binance.US will bid again for Voyager after the deal with FTX fell through.
Binance.US is not the only entity tracking Voyager’s assets. On 22 November, Kaz Labs said it would launch a second offering to acquire assets of the embattled firm. Kaz Labs says it still sees value in Voyager’s assets and will negotiate in good faith with the firm. However, Biannce.US’s entry into the bidding war has attracted attention.
VGX traded from a low of $0.35 to a day high of $0.53. At press time, the cryptocurrency was trading at $0.44 after a brief correction. Next price action and developments will determine whether we see a sustained uptrend for VGX.
VGX correcting to resistance after intraday gains
On the daily chart, VGX has started a short term bullish trendline since the $0.2 low. Following intraday gains, the cryptocurrency climbed above the $0.44 resistance. However, the price retraced and could close below the resistance.
The RSI has crossed above the neutral zone. Yet there are no buy positions, suggesting that a higher price is possible.
Should you buy VGX now?
A daily candle close above $0.44 could increase bull interest in VGX. However, it is fueled by cryptocurrency speculation.
Thus, a brief correction may occur if the anticipated buyout of the distressed firm does not materialize. It may be premature to buy VGX now, and it is better to wait until further developments.
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