PAX Gold 2023: Is PAXG Price About To Slip To $1900 and Drop?
- 1 The PAX Gold price increased 2.66% in the last week and is trading above major EMAs.
- 2 The price of the PAXG coin is trading at $1911.2539 and the 52-week trading range is between $1606 – $2068.
PAXG coin is a cryptocurrency that is backed by real gold, and issued by Paxos Trust Company, a regulated financial institution. Each PAXG coin corresponds to one ounce of a gold bar that meets the London Good Delivery standard, stored in LBMA vaults. PAXG coin can be traded, redeemed, or used for transactions.
PAXG crypto plummeted by 0.72% in market value and surged by 28.94% in trading volume in the last 24 hours, as per Coinmarketcap, which is a crypto data and info website. Its market value is $475,250,354 and its trading volume is $5,933,326. There are 248,689 PAXG in circulation.
PAX Gold (PAXG) open interest is $2.12 Million, as per Coinglass, which is a crypto analysis website. It fell by 5.12% in the previous session. The long versus short ratio for 24 hours is 0.9976.
PAX Gold (PAXG) maximum market cap is $471,456,426, assuming all 250 thousand PAXG tokens are already in circulation. As per the data analysis website, Coingecko, this is a theoretical value that shows the full potential of PAX Gold.
However, the actual number of PAXG tokens in circulation may be lower, depending on how they are distributed over time. Therefore, it might take several years before the maximum market cap is reached.
PAXG Coin Price Technical Analysis in the 1-Day Timeframe
PAXG coin has been stable in the recent months. It rose 0.12% in the last month. It fell by 5.06% in the last six months, due to the gold market decline and volatility.
The PAXG coin had a positive year-to-date return of 4.97%, as it started the year at $1,684.32 and reached $1,767.11 at press time. This shows that PAXG coin has kept its value and appeal over the long term, and could grow more in the future.
According to the technical analysis, PAXG price is facing downward pressure and may drop to new support levels at $1865 and $1828, unless it sustains the current level.
On the other hand, PAXG price has a chance to rise only if it manages to break the previous resistance levels of $1933 and $1957 and also if it can stay stable and surpass the previous high.
At the time of publishing, PAX Gold (PAXG) is trading above the 20 and 50-day EMAs (exponential moving averages).
The MACD line at 1.790 and the signal line at 1.926 is above the zero line. Both lines cross each other showing a bullish crossover in the MACD oscillator, where the MACD line is about to converge as the histogram starts to get leaner in time and might show a bearish crossover.
The current value of the RSI is 61.76 points and the 14-day SMA is below the median line at 44.74 points but the curve has turned its direction and headed to cut 14 SMA from above indicating bearish symptoms in crypto price.
Conclusion
PAXG price action highlights a bearish view at the time of publishing as the uptrend has been violated in the last few days. The technical parameters of the PAXG price show bearish traits, suggesting the continuation of the bearishness over the daily time frame chart. The PAXG price highlights bearish sentiments and perspectives of investors and traders regarding the coin in the daily time frame.
Technical Levels
- Support levels: $1865 and $1828
- Resistance levels: $1933 and $1957
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.