Voyager (CRYPTO: VGX) is trading higher Monday, defying the cryptocurrency market that is trading lower. The typical market leaders Ethereum (CRYPTO: ETH) and Bitcoin (CRYPTO: BTC) are falling lower and possibly causing the market to follow.
Voyager token, the token from Voyager Digital Ltd (OTC:VYGVF), is trading higher in a pattern and pushing higher after the token was recently listed on Coinbase Pro.
Voyager was up 29.1% at $4.88 at press time.
See also: Voyager Crypto Review
Voyager Daily Chart Analysis
- Voyager looks to be trading higher in what technical traders call a cup pattern pushing higher after forming higher lows.
- The cup pattern shows that the crypto was down trending and eventually was able to flatten out before making higher lows and showing the trend was able to reverse. If this cup pattern can continue to hold as support, the bullish run may continue.
- The crypto trades above the 50-day moving average (green), indicating recent sentiment has been bullish.
- The 50-day moving average may hold as an area of support in the future.
- The Relative Strength Index (RSI) has been pushing higher the past couple of weeks and now sits at 72. This shows the crypto is now in the overbought range and has much more buying pressure than selling pressure in the market.
What’s Next For Voyager?
Bullish traders are looking for the Voyager token to continue to push higher along the cup pattern. Bulls are looking for higher lows to continue and for the RSI to stay high. If the crypto starts to cool off, then bulls would like to see a period of consolidation where the crypto can hold its gains.
Bearish traders are looking for the stock to fall below the cup pattern and start to fall lower. After breaking below the cup pattern, bears would like to see the RSI fall below the middle line where sellers begin to overpower the buyers