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The VGX worth surged to the highest level since July 18 as the bidding conflict for Voyager Digital continued. The token rose to a excessive of $0.6872, which was nearly 400% above the lowest stage this 12 months. As a end result, its complete market cap surged to over $182 million.

Why is Voyager Digital token rising?

Voyager Digital was a number one Canadian cryptocurrency trade that dealt with billions of {dollars} each week. The state of affairs modified a number of months in the past following the crash of Terra’s ecosystem, Celsius, and Three Arrow Capital. 

Voyager Digital, dealing with a serious money squeeze, determined to file for voluntary chapter in a bid to arrange its assets. It additionally determined to cease deposits, withdrawals, and the creation of latest accounts. The VGX token continued buying and selling.

Behind the scenes, a bidding conflict by a few of the greatest firms in the crypto trade like Coinbase, FTX, and Binance. In complete, there have been about 22 suitors for the firm.

Now, the VGX token worth rose after it emerged that FTX and Binance have been the predominant contenders. According to Coindesk, Binance has moved aggressively to amass these belongings. FTX, which made a suggestion to purchase the firm final month, continues to be pursuing the firm’s belongings. 

Coinbase had partnered with Callaway Capital Management to launch a bid however then walked away. Besides, the firm’s inventory worth has crashed exhausting this 12 months. 

Therefore, the VGX worth is rising as buyers give attention to the way forward for Voyager now that it looks as if will probably be saved by a much bigger firm. The rise can also be a part of a brief squeeze that has been happening in the previous few months.

VGX worth prediction

The four-hour chart exhibits that the Voyager Digital worth has been in a bearish pattern in the previous few weeks. In this era, the coin fashioned a falling wedge sample, which is normally a bullish signal. This sample additionally explains why the coin has gone parabolic in the previous few days. 

Voyager moved above the 25-day and 50-day shifting averages whereas the Relative Strength Index (RSI) moved above the overbought stage. Therefore, I think that the coin will now retreat as the enthusiasm about the firm’s acquisition fades. If this occurs, the subsequent key help at $0.3800.