- PAXG broke down from the bottom of the falling channel.
- It is currently trading at $1864 with an intraday rise of 0.37%.
- The token is down by 46.51% from its all-time high.
The PAXG token marked its yearly high of $2087 in the month of May. Subsequently, the price turned bearish and started a downfall. The price then started to move within a falling channel.
The token recorded its all-time high on 22nd April 2020 when it was priced at $3487.68.
It is presently trading with a surge in the trading volume by 187.9% in the last 24 hours.
- The total supply of the token, which is 248,000 PAXG, is circulating in the market.
- It has a current market capitalization of $463.43 Million.
- The 24-hour trading volume is $10.80 Million.
Sentiment Analysis
The total market volume has increased by 108.9% in the last week. Social engagements have risen by 18.38% and the total bullish sentiments have surged by 36.36%. Overall, the sentiments indicate a positive movement in the price as the volume has surged and the social engagements are rising.
Technical Analysis Of PAXG ( Daily-1D )
As we can see in the chart, the price marked its yearly high and then faced rejection from the resistance level of $2050 and the price then started a downtrend. During the downfall, the price started to move in a falling channel. Recently, the price broke down from the bottom of the falling channel.
Subsequently, the price took support from the level of $1820 and started to move up again. Currently, the price is getting rejected from the $1865 resistance level. This was previously a support level but it is now acting as a resistance.
The price can break this resistance as the volume is increasing and if the bulls maintain their dominance, then the price can move upwards till $1920 and regain $1865 as a support level. On the other hand, If the price is rejected from the $1865 level, then it can fall again to $1820 and even lower to $1800.
Indicators On rhe Price Of PAXG
Relative Strength Index (RSI)
The RSI line is presently at 44.73 points and the SMA 14 is at 32.60 points. They are both below the neutral level of 50. The RSI reached the oversold area and subsequently experienced a bounce, coinciding with a price reversal towards the upside. This suggests that bullish sentiment emerged as the price entered the oversold region, leading to increased buying activity in the token’s market.
Moving Average Convergence/Divergence (MACD)
The fast blue line moving average will soon cross and get below the red slow line moving average. The histogram is showing low volumes when the price declined, but now the volume is increasing, which can be seen as a positive sign for an upward movement. Rising trading volumes can suggest increased market interest and potential support for a price rally.
PAXG LIVE CHART
Conclusion
Based on the analysis of PAXG token, there’s a bullish sentiment for the asset. Notable factors include the increasing trading volume, which suggests growing market interest and potential upward momentum. Both the RSI and the MACD indicators are providing positive signals, further supporting the bullish outlook. Breaking above the $1865 resistance level is seen as a crucial confirmation for this upward scenario.
Technical Levels
Support: $1620, $1600 and $1739
Resistance: $1865, $1950, $1986 and $2050
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.