Sarah Tran
Independent Analyst
- Coinbase recently revealed that the Voyager token will be supported on the exchange.
- Trading will begin on November 18 on Coinbase if liquidity conditions are met.
- VGX price soared 70% on November 17 following the announcement, eyes $5 next.
Coinbase Pro has announced that it will support the trading of the Voyager token (VGX) starting on November 17. Trading is expected to begin on November 18 if the liquidity conditions are met. VGX price soared 70% on November 17 after the exchange revealed the new listing.
Voyager token rallies on the ‘Coinbase effect’
Leading cryptocurrency exchange Coinbase Pro has listed Voyager token, and will see the VGX order books launch in three phases, post-only, limit-only and full trading mode. Should liquidity conditions be met on November 18, trading can begin on the platform.
If any of the new order books fail to meet Coinbase’s assessment for a healthy and orderly market, the exchange may delay the order book launch of future phases or suspend trading according to the firm’s rules.
VGX, the token of the centralized exchange Voyager, gained 70% on November 17 after the Coinbase announcement, as the coin gained wider retail traction. Cryptocurrencies surging following a listing on the US-based exchange is not uncommon and has been coined the term the “Coinbase effect,” which has positively affected the price of many cryptocurrencies over the past few years.
Recently, Stephen Ehrlich, CEO of Voyager stated the firm was having a “record quarter” and that the recent Bitcoin price dip raised volumes on the centralized exchange. Ehrlich added that while the flagship cryptocurrency dropped around 10%, the digital asset platform witnessed higher volumes as investors were busy buying the dip.
VGX price eyes $5 next
While VGX price has witnessed a substantial rally over the past 24 hours, a bullish chart pattern suggests that the Voyager token still has room to climb higher.
VGX price has formed a cup and handle pattern on the daily chart, with a 43% bullish projection toward $5.00 from the neckline of the pattern. Since the Voyager token sliced above the resistance barrier of the technical pattern on November 17, it validated the optimistic thesis.
Currently, VGX price needs to surge another 19% to reach the bullish target given by the prevailing chart pattern. Bigger aspirations could even target the 127.2% Fibonacci retracement level at $5.30.
VGX/USD daily chart
VGX price would discover immediate support at the 78.6% Fibonacci retracement level at $3.98. Additional foothold may appear at the 61.8% Fibonacci retracement level at $3.52, coinciding with the neckline of the governing technical pattern.
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