PAXG is a crypto token that is backed by real gold kept in secure vaults in London. Each PAXG token is equal to one ounce of gold and can be exchanged for the actual metal. PAXG’s goal is to make gold more convenient, flexible, and affordable for investors.
PAX Gold is a crypto token backed by gold in London vaults. Each token equals one ounce of gold. The total number of tokens is 250,000, which gives the maximum market value of PAXG as $481,291,300. This is the fully diluted valuation of PAXG, according to the crypto data and information website Tokengecko. The actual market value may be lower, as not all tokens are in circulation yet. It may take a long time for all tokens to enter the market.
As per coinmarketcap, PAX Gold Crypto surged by 0.49% in market value and by 28.54% in trading volume in the last 24 hours. Its market value is $482,709,803 and its trading volume is $4,937,109. There are 248,343 PAXG in circulation.
PAX Gold Token’s (PAXG) open interest is $1.93 Million. As per Coinglass, another crypto analysis website, it rose by 1.06% in the previous session. The long versus short ratio for 24 hours is 1.0627.
PAXG Token Price Technical Analysis in the 1-Day Timeframe
PAXG Token price has been on an upward trend for the past month, increasing by 2.26% during this period. At the time of publication, PAXG Token Price is trading at $1941 and is trapped in Darvas box consolidation, suggesting an upcoming move as per price action.
Therefore, if the PAXG Token Price sustains the current level and rises, then it might hit the nearest resistance levels of $1972.47 and $1997.99.
However, the PAXG Token price could continue to move downwards and reach the first and second support of $1911 and $1881. if it fails to maintain the current level.
At the time of publishing, the PAXG Token price (BITFINEX: PAXG) is trading below the 20, and 50-day EMAs (exponential moving averages), which are rejecting the PAXG Token price trend. Hence, PAXG Token Price prediction estimates the prices to move downwards, indicating a bearish outlook over the daily time frame chart for its price.
The MACD line at 4.85 and the signal line at 6.19 is above the zero line and gave a bearish crossover, suggesting bearish signals. The current value of RSI is 53.52 points and the 14-day SMA is above the median line at 56.64 points, which indicates a downward direction and bearish sentiments in the market for the PAXG Token.
Conclusion
PAXG Token price prediction highlights the bearish sentiments and perspectives of investors and traders regarding the PAX Gold Token in the daily time frame. PAX Gold price action reflects a pessimistic view at the time of publishing. Moreover, the technical parameters of PAX Gold price suggest the continuation of the downtrend over the daily time frame chart. Major legitimate indicators MACD, RSI, and EMA, provide negative signals regarding PAX Gold Token price.
Technical Levels:
- Support levels: The nearest support levels are $$1911 and $1881.
- Resistance levels: The nearest resistance levels are $1972.47 and $1997.99.
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.
Source: https://www.thecoinrepublic.com/2023/08/05/paxg-token-price-prediction-2023-will-paxg-break-darvas-box/