Monat: September 2022

VGX price has done in the past few months as Voyager Digital’s bankruptcy proceedings continue. The token rose to a high of $0.9388, which was the highest level since July 13. It has jumped by more than 538% from the lowest level this year, giving it a market cap of over $262 million.

Why is Voyager Digital coin rising?

Voyager Digital was one of the biggest companies in the cryptocurrency industry. The Canadian company offered cryptocurrency trading and investing solutions to millions of people during its peak. At the time, it used to handle transactions worth billions of dollars every week.VGX is the native governance token for the platform. 

Voyager filed for voluntary bankruptcy proceedings in its bid to restructure debts worth billions of dollars. As it does this, the firm has announced that it will stop receiving deposits and process withdrawals from its customers. 

Still, despite this crisis, the VGX price has continued rising and even outperforming many cryptocurrencies like Bitcoin and Ethereum. 

There are two possible reasons for this. First, there is growing hope that Voyager Digital asset’s will soon be acquired. According to media reports, companies like FTX and Binance are currently negotiating to acquire the firm. If this happens, the potential acquirer will likely have the resources to make it vibrant again. 

Second, the VGX price has risen because of a scenario that has become popular recently. We have seen share prices of troubled companies soar. For example, Revlon shares have jumped by more than 57% in the past three months despite the fact that the company has filed for bankruptcy protection. 

Similarly, shares of companies like Hertz soared after initiating bankruptcy proceedings. In cryptocurrencies, Celsius’s CEL token jumped after the platform went out of business. 

VGX price prediction

The daily chart shows that the Voyager Digital token has been in a strong bullish trend in the past few weeks. During this time, it has jumped above the 25-day and 50-day moving averages. It has also moved above the important resistance level at $0.7391, which was the highest point on August 26.

The Awesome Oscillator has jumped above the neutral point. Therefore, the coin will likely continue rising as bulls target the next key resistance level at $1.4, which was the highest point on July 13. A drop below the support at $0.70 will invalidate the bullish view.

The post VGX price prediction: 2 reasons why Voyager token is soaring appeared first on CoinJournal.

• Chainlink is a decentralized oracle network for smart contracts

• Its native LINK token has surged 13% in the past week

• The token is showing strong bullishness, but momentum remains low

Chainlink LINK/USD is ranked the 23rd largest crypto asset with a market capitalization of $3.5 billion. It is considered the most secure and flexible infrastructure in the crypto blockchain space.

According to its website, the platform is a decentralized oracle network. It offers tamper-proof inputs, outputs, and computations to enhance advanced smart contracts on any blockchain. Chainlink also provides passive income opportunities through staking rewards.

Despite the prolonged crypto market correction, LINK is reaping significant gains. In the past 24 hours, its native token, LINK, has surged 4.51%, bringing weekly gains to 13.35%. Similarly, the tokens have pumped 76% in daily trading volumes to $369 million.

The reason behind the positive gains is not specific. However, a recovery around the DeFi segment could have partly contributed. The top DeFi projects, MakerDAO and Lido, have gained 1% and 6% in their total value locked in a week. As a blockchain that enhances the capabilities of smart contracts, Chainlink is strategically positioned.  

Its technical outlook shows a bullish trend in the LINK token, but the RSI momentum indicator says otherwise. 

LINK shows bullishness amid a weak momentum 

Source: TradingView

Currently, LINK is exchanging for $7.15. The token is approaching $7.4 resistance, which is the immediate resistance level, as per the daily chart above. The trend is showing a steady recovery since testing $6 support on August 29.

Furthermore, the trend-following indicator MACD is looking green. It has crossed the signal line from below to above. However, the RSI is at the neutral 50. Chainlink will need to attract more buyers to gain enough momentum to clear the $7.4 resistance level.

Concluding thoughts

The current level does not present a perfect buy entry. Investors should wait until LINK clears the next resistance level. They should also watch for the momentum indicators to turn positive for an opportunity to enter.

The post Can Chainlink clear the $7.4 resistance level? appeared first on CoinJournal.

• Robinhood announced MATIC transactions on Polygon in addition to Ethereum

• The support increases liquidity for MATIC token

• MATIC gains in the past one week are 10%

Talk of making important headlines and defying market sentiment. Polygon’s MATIC/USD is a cryptocurrency to watch whenever one is looking for a good investment. The Ethereum Layer-2 scaling solution has proved to be a reliable blockchain. 

On CoinMarketCap, MATIC has registered more than 10% gains in the past week. Other cryptocurrencies have negligible gains, while others remain in the bear zone. The gains reflect confidence in Polygon and the increasing utility of its native token MATIC.

On August 31, Robinhood announced that users could transact with MATIC on the polygon network. It is additional support to Ethereum, with Robinhood saying more cryptos are coming soon. The support will raise MATIC liquidity and boost the price. The brokerage firm said the addition of MATIC was attributed to the huge fees on Ethereum. 

MATIC is trapped by the $1 resistance as price makes a comeback

Source: TradingView

The weekly chart is the true barometer to illustrate MATIC’s price action. In the weekly chart, it can be seen that MATIC is trapped below the $1 resistance. The price is bullish after the latest retracement but is facing some bear pressure. The bear pressure could be a result of the weak crypto market sentiment.

Concluding thoughts

While Polygon’s MATIC has strong fundamentals, weak market sentiment is a bear trigger. The price faces a key hurdle at $1 while the bottom is at $0.6. While we believe MATIC has room to go higher, caution should be exercised as price battles $1. The $0.78 is short-term support that the price could also slide if a breakout fails at $1. We urge investors to buy when the price crosses $1 or buy now for a long-term hold.

The post Polygon’s MATIC remains attractive, but a key hurdle remains appeared first on CoinJournal.