The increasing momentum of the downtrend in the VGX coin price puts the $3.8 level at risk. The fallout can result in downfall to the $3 mark.
Voyager Token is a cryptocurrency broker that gives investors encrypted and secure access to the trading of crypto assets. Voyager is designed to offer both institutional and retail investors, offering a quick solution to trade crypto assets.
Read more to know more about the technical analysis of the Voyager token.
Past Performance of VGX
After the failure to sustain above the $4.75 mark, the VGX coin price started to fall again in the daily chart. The downfall results in a price fall of more than 35 percent from the all-time high level.
Furthermore, the failure of the $3.78 mark to push the prices higher will result in downfall to the $3 mark.
VGX/USD Daily Chart
VGX Technical Analysis
Voyager has developed a platform for trading in crypto that is like the client’s traditional online brokerages. Voyager introduced its mobile app in the year 2019, bringing an efficient, but simple cryptocurrency brokerage service to mobile customers.
The VGX price action indicates that after the $3.8 support level, the following support levels are at the $3 and $2 marks. And, on the opposite end, the resistance level is at the $4.75 mark.
The RSI slope crosses into the nearly oversold zone below the 50 percent central line in the daily chart. Hence, the underlying selling pressure is increasing gradually. Therefore, the indicator gives a sell signal for the VGX token.
The MACD and the slow line on the daily chart keep a downtrend after the bearish crossover. Moreover, the lines give a bearish divergence. Hence, the indicator is suggesting a selling opportunity.
The fall from the $4.75 mark begins the downtrend in the price of the VGX token which results in a drop that is more than 35 percent. Furthermore, the speed of the downward trend is growing by the constant formation of bearish candles.
In addition, the price may quickly break through the $3.8 mark, as the price action is the shape of a bearish candlestick. Thus, traders could spot a buying opportunity that targets at least the $3.0 mark.