The value of VGX, the native token of the failed crypto brokerage agency, Voyager Digital, went up by over 60% within the final week, knowledge from CoinMarketCap revealed.
In a latest announcement, the brokerage agency confirmed that an public sale for its property had been scheduled to happen on 13 September as a part of its restructuring process. This was initially scheduled to carry on 29 September following a bidding course of that was due on 6 September.
In a filing on 4 August, Voyager confirmed that 88 entities had proven curiosity in buying the property of its failed enterprise. Main exchanges, Binance and FTX, have been rumored to be on the forefront of the property acquisition efforts.
What it is advisable to know
Forward of the ultimate public sale, traders seeking to ape in on this token needs to be conscious that VGX traded flat for many of August, whereby its worth, noticed no progress for the primary 25 days. Nonetheless, earlier than the top of the buying and selling month, the value per VGX rallied by over 90% in lower than ten days.
Following a considerably bearish run for a lot of cryptocurrency property in August, the previous few weeks have been marked by a bullish retracement for many of them.
Within the final week alone, a handful of cryptocurrency property posted double-digit positive aspects, in line with knowledge from CoinMarketCap.
Not not noted, the value per VGX rallied by 67% within the final seven days, inflicting it to change palms at $0.9001. Nonetheless, earlier than that is taken as a sign of a sustainable rally, it’s pertinent to reiterate that the rally could possibly be short-termed.
A bearish correction may ensue following the public sale scheduled to carry in lower than 24 hours.
On the every day chart, the asset’s Cash Stream Index (MFI) was positioned on the overbought place of 84, a place normally marked by patrons’ exhaustion and a consequential reversal downwards.
Chaikin’s Cash Stream was flat at 0.07 and may head south if the bulls don’t maintain the shopping for stress.
Moreso, the value of VGX was down by 12% within the final 24 hours of press time. And the buying and selling quantity for the token had declined by 49% inside the identical interval.
Along with this, after peaking at 26 addresses on 7 September, the index of lively addresses that traded VGX has dropped since. At press time, this was pegged at 4 addresses. New addresses on the community have additionally dropped by 75% in nearly per week.
A continued lack of community progress for any asset is a recipe for worth stagnancy. And even worse, worth decline. Therefore, ought to fewer VGX transactions be accomplished following tomorrow’s (13 September) vital occasion, the value per VGX may search newer lows.