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Currently trading at approximately $1,930.28, with a 1.03% increase over the past 24 hours. It’s worth noting that the coin is trading above key support levels, around $1903.35, while facing resistance at $1921.04. This positioning suggests the potential for volatility as it strives to sustain its upward momentum. The recent lower trading volume could hint at uncertainty in the market.
PAX Gold price exhibits strong bullish sentiment and trades above major moving averages
PAX Gold price action in the previous seven days shows a significant price rebound, bouncing off key support of $1866.0.The sharp rise to $1932.64 on October 11 indicates strong bullish sentiment in the market, with a current increase of around 11%. Additionally, PAX Gold’s price trades above both major moving averages (50-day- and 200-day) and displays a positive MACD (Moving Average Convergence Divergence) crossover pattern. This combination of technical indicators suggests a potential for further upward movement in price, barring any major market changes or news events.
Looking at the major pivotal levels, PAX Gold’s price faces resistance at $1921.04 and support at $1903.35.Breaking through the resistance level could lead to a test of recent highs around the $1950-$1960 range, while a dip below key support may result in a test of the next major support level at $1886.49.
PAX Gold price analysis on the 4-hour chart shows PAXG formed a bullish pennant pattern, indicating a potential uptrend continuation. However, it’s worth noting that a technical minor retracement by profit-taking could occur as the Relative Strength Index (RSI) has climbed above 70 levels, marking overbought conditions.
PAXG/USD Hourly Chart Analysis: PAXG bulls defending support levels
PAXG is trading above its 200-simple moving average (SMA) on the hourly chart and has formed a bullish flag pattern. The price action indicates bullish momentum in the short term, with support zones at $1910-$1903.35, followed by $1886.49.
The recent high of $1932.64 also coincides with the upper flag resistance level. This could act as a short-term target for PAXG bulls. On the other hand, if bears take control and push the price below $1903.35 support, it could result in a retest of lower levels around $1886.49.
The overall market trend for PAXG is positively biased, with strong bullish sentiment and potential for further growth. On the downside, any major pullback could find support at the 200-day moving average around $1820.14, followed by major support levels at $1789.33 and $1754.52.
Meanwhile, another big player entered the crypto market recently- Bitcoin Minetrix. The ongoing presale of Bitcoin Minetrix (BMTX) is another topic creating buzz within the cryptocurrency community.
Witness #BitcoinMinetrix achieving another remarkable milestone!
More than $1,600,000 raised!🪙 pic.twitter.com/yyrHTMRQz2
— Bitcoinminetrix (@bitcoinminetrix) October 17, 2023
With its unique approach to combining three technologies- blockchain, mining, and decentralized finance- BMTX has already raised over $275,000.
Bitcoin Minetrix’s presale generates buzz in the crypto community
Bitcoin Minetrix BTCMTX is making waves in the crypto world with its unique “stake-to-mine” approach. Despite being a newcomer, it amassed over $275,000 in its presale and nearly $1.6 million within a month. The allure? Investors can earn significant BTC rewards through cloud mining by staking their tokens. Unlike traditional cloud mining, Bitcoin Minetrix offers an accessible $10 entry point and enhanced security. Users earn cloud mining credits by staking, eliminating the typical high setup fees.
BTCMTX tokens are priced at just $0.0111 in the second stage of a ten-phase presale. However, prices are set to increase by 10% once this phase’s goal is met. The buzz is centered on the “Stake-to-Mine” concept, which democratizes Bitcoin mining, making it affordable for the average person. Early stakers could see returns of up to 372% annually.
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