Voyager (VGX) prices fall despite Coinbase listing, but paints bullish chart pattern

Voyager prices fell for the second consecutive day after gaining 45% on Nov 17.
Voyager prices fell for the second consecutive day after gaining 45% on Nov 17. Image from Voyager

Key Takeaways:

  • Coinbase and Coinbase Pro annonced listing of Voyager (VGX)Token on their platforms.
  • However, VGX prices remained unresponsive to the news, but have charted a bullish pattern on the 4H chart.

NEW DELHI (CoinChapter.com) — One of the US’s fastest-growing, publicly-traded cryptocurrency platforms, Voyager(VGX), failed to react to news of its listing on Coinbase and Coinbase Pro.

The US-based crypto platform announced the listing on Nov 19, stating that customers could trade, send, receive, and store VGX token on Coinbase. The Coinbase Pro listing announcement came a day earlier on Nov 18. The Pro platform would list VGX-USD, VGX-USDT, and VGX-EUR trading pairs after the platform has a sufficient supply of VGX.

Voyager is a cryptocurrency broker that provides customers trading across more than a dozen cryptocurrency exchanges. Its native token, VGX, is an Ethereum token that helps incentivize the use of the Voyaged exchange by staking, receiving cashback on trades, etc.

Also Read: Ethereum nears 1 million ETH burn mark as Ether jumps 9%.

Furthermore, Voyager recently introduced a USDC-based debit card that would pay up to 9% annual rewards. The crypto broker selected leading fintech integrated payment solutions provider Usio to be its program manager for its debit card.

The debit card would allow cardholders to spend cryptocurrency at the point of sale or earn crypto rewards from debit card expenditure. Furthermore, the Voyager card would pay up to 9% annual rewards monthly if customers hold at least $100 in USD coin.

Although VGX prices rose $4.80 after listing the announcement, prices fell 21.9% on Nov 19 from a high of $4.54 to a low of $3.548. On Saturday, prices fell 10.8% high ($3.98) to low ($3.52), before recovering.

Voyager(VGX) Price Charts

VGX price painted a bull pennant on its 4-hour (4H) charts, which might lead to a 56.2% gain once it breaks out. A bull pennant is a continuation pattern that forms when an asset consolidates within converging trendlines after a large upside movement.

The height of the previous uptrend is termed a flagpole, which helps forecast the upside target. If VGX prices break out from the pattern, the Voyager token would likely move to $5.85. Meanwhile, the token has immediate resistance at $3.865. If the Voyager token breaches immediate resistance, the next target would be $3.993.

If investor interest increases, VGX coin would likely move $4.198 before any corrections might occur.

VGX prices formed a bull pennant on its 4H chart.
VGX prices formed a bull pennant on its 4H chart. Source: VGXUSD on Tradingview.com

In case VGX prices fail to breakout, the Voyager coin is $3.62, near the 26-4H exponential moving average line. Retail traders looking to profit might induce a sell-off that could bring prices down to $3.49. In case of a sustained downtrend, support at $3.30 might come into play.

Also Read: Are central banks inadvertently fuelling the Bitcoin bull run?

Meanwhile, trend-based momentum oscillator MACD is bearish for the VGX coin on the 4H chart. The MACD histogram bars went below zero on Nov 19, indicating the MACD line (difference between 12-4H and 26-4H EMA) moved below the MACD signal line (9-4H EMA of MACD), forming a bearish crossover.

However, MACD for VGX token continues to be bullish on the daily charts, which might indicate investor interest in the Voyager token is still strong.

MACD for Voyager is bearish on the 4H chart, but bullish on the daily charts.
MACD for Voyager is bearish on the 4H chart, but bullish on the daily charts. Source: VGXUSD on Tradingview.com

The relative strength index is neutral, clocking a value of 54.29 on the 4H charts.

At the time of writing, VGX price was trading at $3.76, down 2.21% on the day.

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