Data from CoinMarketCap revealed that VGX, the native token of the failed crypto brokerage agency Voyager Digital, rallied by 40% in the course of the intraday buying and selling session on 25 August.
This was due to the information that bidding for the property of the bankrupt crypto dealer was underway and was due on 6 September. If vital, this could be adopted by an public sale on 29 September to choose a winner.
Impacted by the collapse of Three Arrows Capital (3AC), Voyager Digital, in a 22 June press release, knowledgeable its customers of its 15,250 BTC and $350 million funding publicity to 3AC.
Failure of 3AC to make good on its obligations precipitated Voyager Digital and its major working subsidiaries to file for Chapter 11 chapter on 5 July.
Reportedly, main exchanges, Binance and FTX, are among the many lengthy line of bidders engaged in a tussle over the acquisition of the property of Voyager Digital following Coinbase’s withdrawal.
Now, the query is- With its value up by over 60% within the final 24 hours, how has the VGX fared thus far?
To the moon?
As of this writing, VGX traded at $0.4461, in accordance to information from CoinMarketCap. With vital buying and selling exercise ongoing at press time, buying and selling quantity for the VGX token was up by over 2800% within the final 24 hours.
At press time, buying and selling quantity stood at $87.60 million, the best day by day quantity the token has logged up to now 30 days.
On the day by day chart, a big quantity of liquidity has been pumped into the token. Hence, the value increase within the final 24 hours.
As of this press, VGX’s Relative Strenght Index (RSI) was in an uptrend within the overbought area of 70.
Its Money Flow Index (MFI) was additionally noticed at 84. As of this writing, the token’s Chaikin’s Money Flow (CMF), though approaching the middle (0.0) line, posted a damaging -0.11.
Being in an uptrend in the direction of the middle line was a sign of mounting shopping for strain for the VGX token within the final 24 hours.
Before you embark on a voyage
A big quantity of VGX tokens have left exchanges than have been despatched in, on-chain information from Santiment revealed.
As a end result, as of the writing, the token’s trade circulate stability was pegged at a damaging -1559.
On a 30-day shifting common, this stood at -51. A value drawdown often follows such damaging values. Hence, the value of VGX would possibly begin to backside out within the subsequent few days.
Despite the numerous value rally up to now 24 hours, VGX failed to log any vital traction on a social entrance. Down by 64% within the final 24 hours, the token’s social dominance stood at 0.35% at press time.
Its social quantity had additionally declined by 81% throughout the identical time. With many nonetheless weary of the sudden increase in value, the token’s weighted sentiment was pegged at damaging -0.497 throughout press time.
With the way forward for Voyager Digital and its VGX token nonetheless largely unknown, warning is required earlier than any commerce positions are occupied, as these highs are often adopted by bearish retracements.