Voyager Token (VGX/USD) is up 24%. Here is the next reason and possible price action

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  • Voyager token rose by double digits on Thursday

  • Reports of acquisition by Binance.US have boosted the token

  • The token faces a key resistance correction

Voyager (VGX/USD) was the center of retail attention on Thursday, witnessing an increase in trading volumes. The cryptocurrency from embattled crypto company Voyager Digital has been highly featured on social trading platforms. Positive cryptocurrency news was raising the token of the bankrupt crypto lender.

Reports emerged on Thursday that Binance.US bought the embattled crypto company. Voyager requested bankruptcy protection in July in a liquidity crisis after an ongoing 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 fell through.

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Binance.US is not the only entity monitoring Voyager’s assets. On November 22, Kaj Labs said it would make a second offer to acquire the embattled company’s assets. Kaj Labs says it still sees value in Voyager’s assets and will negotiate with the company in good faith. However, Biannce.US’ participation in the bidding war has attracted attention.

VGX was trading at an intraday high of $0.53, off the low of $0.35. At the time of writing, the cryptocurrency was trading at $0.44 after a brief correction. The following price action and developments would determine whether we see a continued bullish rise for VGX.

VGX corrects on resistance after gains within a day

VGX/USD chart by TradingView

On the daily chart, VGX has initiated a short term bullish trend since bottoming out at $0.2. After the intraday gains, the cryptocurrency surged above resistance at $0.44. However, the price has retreated and could close below the resistance.

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The RSI has crossed the neutral zone. However, there are no purchase conditions that suggest that a higher price is possible.

Should You Buy VGX Now?

The close of the daily candlestick above $0.44 could fuel interest in VGX. However, this cryptocurrency is driven by speculation.

So short corrections can take place if the planned buyout of the embattled company does not take place. Buying VGX now might be premature and it is good to wait for further developments.

Where to buy VGX

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited for more experienced investors and it offers a large number of cryptocurrencies to choose from, which is over 600. Binance is also known for its low trading fees and a multitude of trading options that its users can take advantage of, such as; peer-to-peer trading, margin trading and spot trading.

Buy VGX with Binance today

Transition zone

Swapzone is a crypto exchange aggregator that works as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, secure user flow and crystal clear data for users to find the best exchange rates in the entire cryptocurrency market.

Buy VGX with Swapzone today

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