Following a court-granted order[1] to repay its customers, the bankrupt United States-based crypto-brokerage firm Voyager Digital[2] is set to make its existing customers whole.
With repayment about to commence, interest in the firm’s native token, VGX, has dissipated. This, after the altcoin’s price rallied[3] by 100% within seven days of its filing for bankruptcy.
With more VGX tokens leaving exchanges than entering, the only conclusion to be drawn is that investors have started to exit their positions.
What does the 24-hour chart say
VGX was exchanging hands at $0.3599, at press time, declining by 2% in the last 24 hours. With a trading volume of $4,545,647 recorded within the same period, a 50% decline was logged in the token’s trading activity.
On the daily chart, selling pressure for VGX was starting to rally. As a result, its Relative Strength Index stood at 46.31. Although its Money Flow Index was spotted at a high of 73, this sort of disparity usually indicates a decline in buying pressure.
Since 30 July, the MACD has been represented by red histogram bars, albeit short. Also, on the same day, the MACD line intersected the trend line in a downtrend, indicating the commencement of a bear rally.
Source: TradingView
Not much was different on the 4-hour chart. A sustained VGX sell-off was underway at press time, with the RSI and MFI around the 48 and 55 indexes, respectively.
With the token valued at $0.3599, it was 97.13% behind its all-time high of $12.54 – A value recorded on 5 January 2018.
On-chain performance
Since Voyager filed for bankruptcy on 5 July, VGX’s price has jumped by 78%. However, with greater uncertainty surrounding the future of the crypto-brokerage firm, its token has not seen much network activity
