Crypto brokerage Voyager Digital filed for bankruptcy on 6 July and announced its restructuring plans. Voyager Token (VGX) also fell to new all-time lows and shows no signs of a bullish trend reversal.
VGX has been declining since reaching an all-time high of $5.91 on November 23. The downside movement has led the price to its lowest price ever on July 6th at $0.179. This equates to a reduction of 96.50%.
During the decline, the price is declining below a descending resistance line that it recently rejected on June 1st (red icon). Till now, the resistance line has remained for 225 days.
While the daily RSI is selling heavily, there has been no bullish divergence so far. As a result, there is no bullish reversal signal as of now.
short term movement
The two-hour chart shows that VGX is falling inside a descending parallel channel since June 14. Such channels usually have corrective movements, which means that an eventual breakout is likely. Currently, the price is trading in the upper part of the channel, after bouncing off the midline (green icon) on July 6.
However, similar to the daily time frame, the two-hours RSI has not yet produced any bullish divergence and is following a descending resistance line.
Therefore, the technical indicators are yet to give any bullish reversal signals.
vgx/btc
Similar to the USD pair, the VGX/BTC chart fell to a new all-time low on July 6. The daily RSI is at an all-time low, but no bullish divergence has occurred so far.
The price has been falling below a descending resistance line since July 1. Unless it breaks out of this line, the trend cannot be considered bullish.
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