- 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.
- The price of VGX climbed 70% on November 17 after the announcement, with a view to $ 5 thereafter.
Coinbase Pro has announced that it will support Voyager token (VGX) trading from November 17. Trading is expected to begin on November 18 if liquidity conditions are met. The VGX price climbed 70% on November 17 after the exchange revealed the new listing.
Voyager token joins the “Coinbase effect”
Leading cryptocurrency exchange Coinbase Pro has listed the Voyager token and will see the VGX order books launch in three phases, post-only mode, limit-only, and full trade mode. If the liquidity conditions are met on November 18, trading can begin on the platform.
If any of the new order books do not meet Coinbase’s assessment for a healthy and orderly market, the exchange may delay the launch of the order book for future phases or suspend trading under the rules of the business.
VGX, the centralized exchange Voyager’s token, gained 70% on November 17 after Coinbase’s announcement, as the coin gained retail popularity. The surge in cryptocurrencies following a listing on the US stock exchange is not uncommon and has been dubbed the term ‘Coinbase effect’, which has positively affected the price of many cryptocurrencies in recent years.
Recently, Stephen Ehrlich, CEO of Voyager, said the company is having a “record quarter” and the recent drop in Bitcoin prices has increased volumes on the centralized exchange. Ehrlich added that while the flagship cryptocurrency fell around 10%, the digital asset platform saw higher volumes as investors were busy buying the downside.
VGX eye price next $ 5
While the VGX price has seen a substantial rally over the past 24 hours, a bullish chart pattern suggests the Voyager token still has room to climb higher.
The VGX price formed a cup and grip pattern on the daily chart, with a projection 43% bullish towards $ 5.00 from the pattern neckline. Since the Voyager token sliced above the technical model’s resistance barrier on November 17, it has validated the optimistic thesis.
Currently, VGX price needs to rise another 19% to reach the bullish target given by the dominant chart pattern. Bigger aspirations might 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. Further hold may appear at the 61.8% Fibonacci retracement level at $ 3.52, coinciding with the neckline of the governing technical pattern.