Voyager (VGX) has been outperforming the broader cryptocurrency market. In the last 24 hours, VGX has gained 21%, trading at $0.308 at the time of writing.
VGX price analysis
VGX is bullish today. The token is one of the few gainers in the last 24 hours. The broader cryptocurrency market is bearish, but VGX has outperformed it, as seen in the recent gains.
The VGX rally comes after a notable decline in the token’s prices. In the last seven days, VGX has dropped 18%. The token is also down 88% on a year-to-date basis. The ongoing buying pressure could take VGX higher, given that traders are looking for the next token to explode to support their portfolio.
In the last 24 hours, VGX has traded between $0.22 and $0.40, indicating a period of higher volatility. The uptrend was rejected at the $0.40 level. Bulls will likely test this resistance again as more buyers jump in.
The Relative Strength Index for VGX currently stands at 44, indicating that the buying pressure has subsided significantly, with traders that bought the rally selling the token. This increases the possibility of a trend reversal that could see VGX dropping toward $0.28 before finding support again at $0.22.
Voyager reopens the bidding process
Amid the issues facing the FTX exchange, bankrupt crypto lending firm Voyager has said that it will be ending the deal to be bought by FTX US after the latter filed for bankruptcy on Friday. The lender has reopened the bidding process, saying it was already holding active discussions with other bidders.
In September, FTX secured a bidding war to acquire the assets owned by Voyager. FTX outbid other firms in the process, including Binance. In a press release, Voyager admitted that around $3 million worth of its funds are locked up in FTX.
VGX is also on an uptrend after Ethos announced a recovery token program targeting users affected by the Voyager bankruptcy. The program will allow holders of the VGX token and creditors to claim ETHOS tokens through the Ethos website.
Why this token can rally 10x
VGX is the native token for the Voyager crypto lending firm that filed for bankruptcy earlier this year, shortly after the collapse of Terra LUNA. Therefore, the VGX token remains volatile despite the ongoing bidding process and token recovery program. If you want to diversify your portfolio, consider investing in one of the best presales of 2022.
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