PAX Gold (PAXG) Trades In Green While Other Coins Struggle
November 15 2022 - 8:00AM
NEWSBTC
The FTX controversy has pulled the entire crypto market down, with
top tokens struggling to stay afloat. Despite the bearish
sentiment, PAX Gold (PAXG) has continued to trade in the green
zone, keeping substantial intraday and one-week gain. The
gold-backed crypto was trading at $1,762, a 2.17% intraday increase
and a 5.80% week-on-week gain at press time. However, trading
activity on PAX Gold has decreased in the past 24 hours.
Specifically, the gold price-pegged crypto saw trading volume down
16% in the 24 hours. At the same time, PAXG gained1.78% and 1.90
against BTC and ETH respectively. However, PAXG is positioned to
retain its gains for quite some time. Related Reading: Following
FTX’s Collapse, These Exchanges Are Rumored To Be In Trouble PAX
Gold Adds Over 2,600 New Wallets In The Last Six Months Even though
most cryptocurrencies have recently seen a downturn, Pax Gold has
maintained consistent weekly and monthly growth. Furthermore, its
network has experienced rapid growth during the past several
months. In particular, over 2,600 additional wallet addresses have
been introduced to the network during the previous three months.
The numbers came from the cryptocurrency market statistics platform
CoinMarketCap. This was a considerable increase from May, when
there were just 18,000 distinct wallet addresses on the PAX Gold
ecosystem. It had around 13,000 unique addresses at the start of
the year. As shown by the data, the gold-backed cryptocurrency saw
growth of over 13% during that period. What The Charts Say About
PAX Gold Although the short-term price action for PAX GOLD –
PAXG/USD is corrective, the underlying trend is positive. The
underlying trend remains unaffected for the time being; this is
only a technical correction. Any reversal would be validated if
prices dropped below $1,676.61, which served as support earlier.
Then, the next support would be at $1,658.52, where selling would
be encouraged. If the bears manage to get beyond it, they might aim
for $1,618.80. But as of writing, bullish momentum is still strong
as the coin trades above $1,740. The subsequent targets for the
bulls are $1,790.27 and, farther out, $1,804.42. The 1H chart for
PAX GOLD/USD reveals a positive technical outlook. The bullish
indications from moving averages make up 67.86% of all signals.
This bullish trend may lose speed as short-term moving averages
flash somewhat negative indications. Neither the price nor
any of the moving averages cross over each other or any of the
other moving averages. Given the current trajectory of the
technical indicators, additional price growth is likely but still
needs to be determined. Related Reading: XRP Price Rallies 15%, Why
Ripple Could Outperform Bitcoin and Ethereum What To Know About PAX
Gold PAX Gold is a bridge between crypto and gold, uniting the best
features of both. Each PAXG token is backed by at least one troy
ounce (t oz) of 400-ounce London Good Supply gold bar stored in
Brinks Safety vaults in London. PAXG is pegged to the price of gold
and backed by gold bars authorized by the London Bullion Market
Association (LBMA). Featured image from Pixabay and chart from
TradingView.com
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