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- PAXG/USDT saw a correction of 8% from the swing-high
- PAXG/USDT is trading on a critical support of $1900
PAX GOLD is trading at $1909. The price is up by 0.28% in the last 24H. The 24H trading volume saw a decline of 29%. The Total Market Cap is $486,184,593.
PAX GOLD , the gold asset backed cryptocurrency is trading on a very critical support. The asset resonates with the prices of gold. PAXG had a great start to the year where it surged almost 12%. The price saw a rejection from the $2000 resistance which is a long term barrier. Bulls have tried breaking it in the past but have failed so far.
The Price is trying to break down from the trendline.
According to the Daily chart, the price is in a strong uptrend from the past 6-7 Months. At present PAXG is in a correction phase. The price is getting support from a mid-term trendline and now it is attempting to break it. A breakdown from here can put a pause to this uptrend and the price may go into long term consolidation or a downtrend.
PAXG is trading at a critical support level of $1900. A Daily close below this will mark the breakdown of the trendline and the 200 EMA. This will increase the chances of a decline where price will test the lower levels. $2000 is a strong long-term resistance and a sustained break above it can drive the prices very high.
The Bulls are trying to save $1900
The 4H chart shows that the price is trapped between the support and resistance. PAXG is traveling in a descending channel and the Bulls are looking forward to breaking it. The Price appears to be in a minor downtrend as it trades below the 200 EMA. PAXG Bulls are trying their best to defend the crucial support of $1900.
Failure to do so can lead to a major fall. In the case of a downside, the price can get a support at $1803 which is a downhill ride of 5%. Whereas , a break of $1942 can push the prices up to the resistance of $1987. Investors are closely watching the current situation as the volatility is just around the corner,
RSI: The RSI indicator is currently at 47.59. This indicates at a weak sideways market
MACD: The MACD indicator made a bullish crossover but the indicator is still below the 0 line. Market will be sideways and can turn bullish only if the indicator crosses the 0 line
200 EMA: As observed, on the 4hr, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. This is a clear indication of a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.
Conclusion:
PAX GOLD has been descending in a channel as part of the correction phase. The price has been struggling with the $2000 resistance which is a strong long term barrier. At present, the PAXG is in a crucial support zone and The Bulls are fighting to defend it. A breach of this level can result in a major downfall. Price is already out of the trendline which has started to scare the investors. The conclusion is that the market can see volatility in the coming time and investors should be prepared with a good strategy to make money while minimizing the loss.
Technical levels
Support Levels: $1900- Support 1
$1800 – Support 2
Current Price: $1909
Resistance Levels: $1942- Resistance 1
$1987- Resistance 2
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
