PAX Gold price prediction is suggesting that the PAXG token is presently moving on an uptrend after breaking out of the bear’s stronghold. The price is trading above the critical EMAs on the daily timeframe. The volume is seeing a slight decline which indicates that there is a fall in buying and selling activity.
If the price gains buyers’ support at the present level, it can see a surge of 9% near the price of $2100 within the next few weeks whereas the immediate support level for the PAXG token is 2.75% below around $1857. The price movements are relevantly more stable for PAX Gold crypto than other major cryptocurrencies.
The buyers have an adequate probability of attaining the expected target if they are able to sustain the price above the 200 EMA which would put the anticipated outcomes in the bulls’ favor.
The present value of PAXG is $1,918 and it has a market capitalization of around $984.89 Million (press time).
Significant Surge In Social Engagement Levels: PAX Gold
While most of the metrics are seeing a slight fall in value on the weekly chart, there is an abrupt rise in the social engagement levels on the LunarCrush platform.
The total bearish sentiment metric increased by 133.3%, whereas the total social engagement level is up by 1.7K% which suggests that despite the recent decline, the community is tracking the token across various social media platforms.
PAX Gold Price Prediction: Technical Analysis On 1 Day Timeframe
PAXG price has been trading in a bull trend for the past few months. After making a breakout PAX Gold crypto price has been finding consistent support from the bulls from the trendline. Observing the historical price action, it can be estimated that the 200 EMA level has been acting as a crucial demand zone,
The RSI oscillator is making a breakout through the median line. The current value of RSI is 56.45 points, whereas the 14 SMA is providing support to it at 41.25 points. It could see a further increase in value shortly.
The stochastic RSI line has approached the supply zone on the one day chart. Despite this, the investors may prefer to wait for a concrete reversal signal with strong positive signals from multiple indicators. The value of the stochastic RSI is 100.0 points.
Conclusion
As per the analysis, PAX Gold’s recent price is moving above the 200 EMA, indicating that the trend is changing in the bulls’ favor.
Technical levels –
Support – $1,857
Resistance – $2,100
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.
Source: https://www.thecoinrepublic.com/2023/07/12/pax-gold-price-prediction-a-change-of-trend-in-paxg-price/