- PAXG crypto price is trading above the major exponential moving averages.
- Pax Gold price in the bullish momentum heading upward by making a higher high structure.
Pax Gold (PAXG) is a digital asset that’s pegged to physical gold, introduced by the team behind Paxos Standard (PAX) in September 2019. It’s an ERC-20 token on the Ethereum network, making it widely exchangeable across numerous trading platforms and offering a convenient entry point for individuals looking to invest in gold.
Pax Gold’s primary objective is to enhance the liquidity of gold. The tangible nature of gold presents challenges in terms of divisibility and transportation. To address this, Paxos Standard launched a gold-backed digital currency.
The whitepaper for Pax Gold outlines its purpose: to democratize the purchase of gold, enabling the acquisition of fractional amounts through the digital token, thereby removing the traditional barriers associated with the minimum purchase requirements of the commodities.
PAXG Crypto Volume vs Price Analysis
The given data suggests that the trading volume has been constant for the last few months. However, the trading volume was pumped by 1500% on April 14, 2024, but failed to sustain. The graph of price has increased consistently but the volume hasn’t. After the dump in the trading volume, the price has initiated a bearish momentum. Buyers may bounce back if the trading volume increases.
Technical Analysis Of Pax Gold (PAXG) Crypto
The cryptocurrency underwent massive buying and extreme support from buyers in March. The price surged 44% to $2894.00, demonstrating that buyers are dominating as of now. However, the price is facing mild weakness as of now.
PAXG witnessed slow and steady growth in the last few gaining approximately more than 16%. The price has been forming new higher highs and higher lows. According to our analysis, the PAX Gold price prediction will remain positive.
Our analysis favors the bulls and suggests a rise in the long run. Buyers seem to be more active as compared to sellers. Therefore, the recovery looks reliable, and fresh buying is also visible.
However, if the sell-off triggers in the overall crypto market and the PAX Gold price drops mildly, the chances of reaching the upper level will fall. The technical analysis suggests that at present, bulls are active, and the possibility of hitting $2500 remains high.
Conclusion
PAXG shot up 44% to $2894.00, but is facing mild weakness. The crypto has been forming new higher highs and higher lows. The recovery looks reliable, and fresh buying is visible, which suggests a rise in the long run. However, if the overall crypto market triggers a sell-off, the trend will turn bearish, and the chances of reaching the upper level will decrease. According to technical analysis, the possibility of reaching $2500 remains high.
Technical Levels
Resistance Levels: $2360 & $2460
Support Levels: $2290 & $2190
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.