PAXG Technical Analysis: PAXG Buyers Fail to Reach $2000

PAXG coin price fails to surpass the $1970 level resulting in higher price rejection and increasing the chances of a bearish reversal to the $1920 mark. Key technical points: The PAXG prices spiked 2.7% over the week. The MACD indicator lines are poised to enter the bullish region Finally, the 24-hour trading volume of PAX Gold is $42.5 Million, marking a 111.81% rise. Past Performance of PAXG PAXG coin price projected a remarkable reversal recovery starting from the $1800 mark to the $2050 level, accounting for a 15% growth within a month. However, the reversal rally struggled at $2050 and faced a sudden increase in supply inflow pushing prices under $500, resulting in long-wick formations. Source-Tradingview PAXG Technical Analysis PAXG coin prices show a consolidation phase between the $1920 and $1970 mark, with the 50-day EMA providing support to keep the costs buoyant. In addition, the recent long-wick presence in the daily candles indicates the increased possibility of bearish reversal within the range. The bullish alignment among the rising EMAs(20, 50, 100, and 200) reflects a strong uptrend. Moreover, the recent price jump has reclaimed the 20-Day EMA and flipped it into viable support. RSI Indicator: The RSI slope wavering around the neutral line accentuated a consolidation period in PAXG. However, amid the recent recovery, the RSI slope surpassed the previous swing’s high resistance(55.58), indicating the bulls are ...