Bullish PAXG price prediction for 2022 is $1756 to $1864.
The PAXG price will also reach $2000 soon.
Bearish PAXG price prediction for 2022 is $1726.
In PAX Gold (PAXG) price prediction 2022, we use statistics, price patterns, RSI, RVOL, and other information about PAXG to analyze the future movement of the cryptocurrency.
PAX Gold (PAXG) Current Market Status
According to CoinGecko, the price of PAX Gold (PAXG) is $1,733.75 with a 24-hour trading volume of $20,322,310 at the time of writing. However, PAXG has decreased to 0.2% in the last 24 hours.
Moreover, PAX Gold (PAXG) has a circulating supply of 337,668 PAXG. Currently, PAXG trades in cryptocurrency exchanges such as Binance, FTX, KuCoin, Kraken, Bitget, Bitrue, Pionex, Crypto.com, and MEXC.
What is PAX Gold (PAXG)?
PAX Gold (PAXG) is a traditional gold-backed cryptocurrency built on the Ethereum blockchain. It was launched as an ERC-20 token in September 2019. PAXG serves as the tokenized form of traditional gold. Each token is backed by one troy ounce of London Good Delivery Gold Bar held in secure vaults such as Brink’s.
PAX Gold (PAXG) is managed and held in custody by its manufacturer, Paxos, a state-chartered trust company. It scales the trading of traditional gold in the decentralized markets.
PAX Gold (PAXG) Price Prediction 2022
PAX Gold (PAXG) holds the 75th position on CoinGecko right now. PAXG price prediction 2022 is explained below with a daily time frame.
The above chart of PAX Gold (PAXG) laid out a descending channel pattern, also known as the falling channel. A descending channel is formed by two parallel trendlines. The upper trendline, which joins the highs, and the lower trendline, which joins the lows, run parallelly downwards. This pattern is the characteristic of a bearish market.
If the price of PAXG moves and breaches the resistance level of $1765, the pattern will be invalidated and would enter a bullish trajectory. In case, if it descends down the channel, it will continue the bearish pattern.
Currently, PAX Gold (PAXG) is at $1736. If the pattern continues, the price of PAXG might reach the resistance level of $1765, $1886, and $1994. If the trend reverses, then the price of PAXG may fall to $1687.
PAX Gold (PAXG) Support and Resistance Levels
The chart below shows the support and resistance levels of PAX Gold (PAXG).
From the above daily time frame, we can clearly interpret the following as the resistance and support levels of PAX Gold (PAXG).
Resistance Level 1
Resistance Level 2
Resistance Level 3
Resistance Level 4
Resistance Level 5
PAXG Resistance & Support Level
The charts show that PAXG has performed a bullish trend over the past month. If this trend continues, PAXG might run along with the bulls overtaking its resistance level at $1864.
Accordingly, if the investors turn against the crypto, the price of the PAXG might plummet to almost $1726, a bearish signal.
The Relative Volume (RVOL) of PAX Gold (PAXG) is shown in the below chart. It is an indicator of how the current trading volume has changed over a period of time from the previous volume for traders. Currently, the RVOL of PAXG lies below the cutoff line, indicating weak participants in the current trend.
Moreover, the Moving Average (MA) of PAX Gold (PAXG) is shown in the above chart. Notably, the PAXG price lies below 50 MA (short-term), so it is completely in a downward trend. Currently, PAXG is in a bearish state. There is a possibility of a reversal trend of PAXG at any time.
Meanwhile, the relative strength index (RSI) of the PAXG is at a level of 23.98. This means that PAXG is in an oversold state. However, this gives confidence to the traders to trade without any fear.
PAX Gold (PAXG) Price Prediction 2022 — ADX, RVI
Let us now look Average Directional Index (ADX) of PAX Gold (PAXG). It helps to measure the overall strength of the trend. The indicator is the average of the expanding price range values. This system attempts to measure the strength of price movement in the positive and negative directions using DMI indicators with ADX.
The above chart represents the ADX of PAX Gold (PAXG). Currently, PAXG lies in the range of 52, indicating a very strong trend.
From the above chart, the Relative Volatility Index (RVI) of PAX Gold (PAXG). RVI measures the constant deviation of price changes over a period of time. The RVI of PAXG lies below 50, indicating low volatility. In fact, PAXG’s RSI is at 23.98, thus confirming a potential buy signal.
Comparison of PAXG with BTC, ETH
The below chart shows the price comparison between Bitcoin, Ethereum, and PAX Gold (PAXG).
The above chart indicates that PAXG is moving in a dissimilar trend with respect to that of BTC and ETH. The price movement of PAXG does not correlate with both the dominant cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).
PAX Gold (PAXG) Price Prediction 2023
If the declining price action completely slows down in momentum and the trend reverses, PAX Gold (PAXG)might probably attain $2500 by 2023.
PAX Gold (PAXG) Price Prediction 2024
With several upgrades in the network, PAX Gold (PAXG) might enter a bullish trajectory. If the coin grabs the attention of major investors, PAXG might rally to hit $3500 by 2024.
PAX Gold (PAXG) Price Prediction 2025
If PAX Gold (PAXG) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 3 years, PAXG would rally to hit $4500.
PAX Gold (PAXG) Price Prediction 2026
If PAX Gold (PAXG) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 4 years, PAXG would rally to hit $5800.
PAX Gold (PAXG) Price Prediction 2027
If PAX Gold (PAXG) sustains major resistance levels and continues to be recognized as a better investment option among investors for the next 5 years, PAXG would rally to hit $6890.
PAX Gold (PAXG) Price Prediction 2028
If PAX Gold (PAXG) holds up a strong stance as a better investment option for the next 6 years, it might witness significant price rallies. Thus, by 2028, PAXG would hit $7900.
PAX Gold (PAXG) Price Prediction 2029
If investors flock in and continue to place their bets on PAX Gold (PAXG), it would witness major spikes. PAXG might hit $9000 by 2029.
PAX Gold (PAXG) Price Prediction 2030
With greater advancements in the PAX Gold ecosystem, the crypto community might continue to invest in PAX Gold (PAXG) for the next 8 years and drive significant price rallies for the token. Hence, PAX Gold (PAXG) might hit $10500 by 2030.
With continuous improvements in the PAX Gold network, we can say that 2022 is a good year for PAXG. For this reason, the bullish price prediction of PAX Gold (PAXG) in 2022 is $1864. On the other hand, the bearish price prediction of PAX Gold (PAXG) for 2022 is $1726.
Furthermore, with the advancements and upgrades in the PAX Gold ecosystem, the performance of PAX Gold (PAXG) might hit $2000 gaining investors’ attention. It would also rise above its all-time high (ATH) of $2,241.37 in the near future.
1. What is PAX Gold (PAXG)?
PAX Gold (PAXG) is a gold-back cryptocurrency built on the Ethereum blockchain. One PAXG represents one troy ounce of a 400-ounce London Gold Bar held in secure vaults as Brink’s. It was launched as an ERC-20 token in September 2019.
2. Where can you purchase PAX Gold (PAXG)?
PAX Gold (PAXG) has been listed on many crypto exchanges which include Binance, FTX, KuCoin, Kraken, Bitget, Bitrue, Pionex, Crypto.com, and MEXC.
3. Will PAX Gold (PAXG) reach a new ATH soon?
With the ongoing developments and upgrades within the PAX Gold platform, PAX Gold (PAXG) has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of PAX Gold (PAXG)?
On May 17, 2021, PAX Gold (PAXG) reached its new all-time high (ATH) of $2,241.37.
5. Is PAX Gold (PAXG) a good investment in 2022?
PAX Gold (PAXG) seems to be one of the top-gaining cryptocurrencies this year. According to the recorded achievements of PAX Gold in the past few months, PAXG is considered a good investment in 2022.
6. Can PAX Gold (PAXG) reach $2000?
PAX Gold (PAXG) is one of the active cryptos that continues to maintain its bullish state. Eventually, if this bullish trend continues, PAX Gold (PAXG) will hit $2000 soon.
7. What will be PAX Gold (PAXG) price by 2023?
PAX Gold (PAXG) price is expected to reach $2500 by 2023.
8. What will be PAX Gold (PAXG) price by 2024?
PAX Gold (PAXG) price is expected to reach $3500 by 2024.
9. What will be PAX Gold (PAXG) price by 2025?
PAX Gold (PAXG) price is expected to reach $4500 by 2025.
10. What will be PAX Gold (PAXG) price by 2026?
PAX Gold (PAXG) price is expected to reach $5800 by 2026.
Bitcoin miners have borne the brunt of the bear trend since it began. They watched cash flow plummet on their machines, forcing them to look to other ways to finance their operations. The natural response to this was for public miners to dip into their bitcoin reserves and begin selling off BTC to keep their operations going. For a time, it seemed miners would stop selling due to the recovery in price, but this is proving not to be the case.
Miners Offload More BTC
Bitcoin miners had sold off more bitcoin than they had mined for the first time in May. The same trend then continued into June, when miners had sold thousands of BTC to cover operational and other costs. It seems this trend did not end in the month of June either, as the miners continued to sell off coins.
Data shows that bitcoin miners had actually sold 5,700 BTC in the month of July alone, the largest sale so far. These bitcoin miners had once again sold more BTC than they had actually produced. In total, it was reported that 3,470 BTC was produced for the month, meaning they sold 50% more bitcoin than they mined.
These bitcoin miners had sold more during a month when some had to shut off operations due to rising temperatures. However, one of those miners had been able to turn it around by making more money from selling energy credits to the Texas government than they would mining. The largest sellers were ousted to be CoreScientific with 1,970 BTC and BitFarms with 1,600 BTC.
BTC recovers above $24,000 | Source: BTCUSD on TradingView.com
Bear Trend For Bitcoin
Bitcoin miners are often among the largest whales in the market. This means that whatever actions they take in regards to their portfolios can often have an impact on the market. It is evident when miners are not forced to sell their BTC that the price of the digital asset continues to rise, and the reverse is the case when they dump their coins.
The sell-offs have all come due to the reduced revenue realized on a daily basis, and with no significant rise in miner revenues, it is expected that miners are going to have to keep selling. Daily miner revenues for the last week were muted with only a 1.58% growth, seeing them bring in $21.89 million.
If there is to be any reversal in this selling trend, bitcoin miners would have to see more cash flow from their mining activities. However, as the price remains low, these miners are realizing less, dollar-wise, compared to a few months ago, while expenses such as electricity and machines remain the same or even higher in some cases.
Featured image from Analytics Insight, chart from TradingView.com
Bitcoin surged after July’s CPI data showed that inflation has started to decline after several months of record-breaking rates.
Similar to earlier instances, the price of bitcoin climbed close to $24,000.
CPI Report Boost Bitcoin Price
According to the Consumer Price Index report (CPI) that the U.S. Bureau of Labor and Statistics released on Wednesday, consumer costs remained unchanged, putting inflation at 8.5%.
Prior to this, analysts anticipated that the index, which analyzes price changes across a wide range of products and services, would increase by 0.2% to reveal inflation to be 8.7% on an annual basis.
After the U.S. Bureau of Labor Statistics released its data on inflation for July, the value of the Dow Jones Industrial Average, Nasdaq, S&P 500, and NYSE indexes all sharply increased. Moreover, the value of precious metals and cryptocurrencies rose on Wednesday. The value of bitcoin surged by nearly 4%, that of gold by 0.35%, and that of silver by 1.43% in relation to the dollar.
BTC/USD trades close to $24k. Source: TradingView
Inflation as measured by headline CPI increased 0.0 percent month-over-month in July, well below its elevated June monthly rate of 1.3 percent. Monthly core inflation in July fell to 0.3 percent. 1/ pic.twitter.com/6bVTZq7m1W
According to the Consumer Price Index (CPI) report for July 2022, the Consumer Price Index for All Urban Consumers (CPI-U) increased by 1.3 percent in June but remained steady in July. Before seasonal adjustment, the all items index rose 8.5 percent over the previous 12 months. The report on inflation adds:
“The gasoline index fell 7.7 percent in July and offset increases in the food and shelter indexes, resulting in the all items index being unchanged over the month.”
President of the United States Joe Biden talked about the CPI figures as well and said that new legislation and domestic semiconductor production had increased the nation’s economic activity. According to Biden, the lack of semiconductors resulted in high pricing for autos last year, which accounted for one-third of core inflation. “America is back leading the way with the CHIPS and Science Law boosting our efforts to make semiconductors right here at home.”
Focus Turns To FOMC Meeting In September
Analysts anticipate that core inflation will rise from 5.9% to 6.1%, pushing the Fed to raise interest rates further in September. The CPI data, however, indicates that recent rate hikes are having a cooling effect on the economy.
Nevertheless, Citigroup economists predicted another 75 basis point increase, fueled by strong job data and faster pay growth than anticipated. But if core inflation comes in higher than anticipated, there is also a chance for a 100 basis point rise.
Federal Funds Effective Rate (Source: FRED)
The current CPI rate is 9%, and investor Stanley Druckenmiller said that “Inflation has never come down from above 5% without Fed funds rising above CPI.”
The Fed won’t need to raise rates as much as they have thus far this year if inflation has peaked.
In response to rising interest rates that slow growth, institutional investors have moved away from more speculative assets like tech stocks and cryptocurrencies and toward investments that are more comparatively stable, such corporate bonds and U.S. Treasuries.
Featured image from Getty Image, charts from FRED and TradingView.com
The crypto market has been trading in the green over today’s session as it sees some relief from macro-economic factors. Today, the U.S. published July’s Consumer Price Index (CPI) print which hinted at a slowdown in inflation and allow Bitcoin, Ethereum, and others to experience some relief.
CPI has been a key metric over the past months as the U.S. Federal Reserve (Fed) attempts to mitigate it by hiking interest rates and reducing its balance sheet. Thus, global markets have seen less liquidity which has negatively impacted risk-on assets, such as equities and cryptocurrencies.
At the time of writing, Bitcoin (BTC) trades at $23,900 with a 4% profit in the last 24 hours while Ethereum (ETH) trades at $1,800 with a 9% profit over the same period. The second crypto continues to outperform BTC as investors seem to be migrating into the altcoin sector.
July’s CPI print see a decline on the back of commodities trending downwards, particularly the energy sector saw falling prices. However, Rick Rieder, CIO at investment firm BlackRock, believes inflation it’s “still running at a worryingly high rate”.
This might continue to operate as a headwind for digital assets and risk-on assets over the long run but might allowed the Fed to be less aggressive with their monetary policy. Rieder said the following on the potential long-term bullish effect of less inflation:
Over time, we think the slowdown in economic growth, the continuation of the Federal Reserve’s assertive Hiking Cycle and the possibility of resolution with several persistent supply chain issues should influence broad inflation lower.
Rieder claims inflation might continue to trend lower or moderate in the coming months. This might remove uncertainty across the crypto market and provide these assets with enough support to reclaim previous highs.
Bitcoin And Crypto Could Extend Bullish Momentum?
The biggest headwinds for crypto will be the Fed’s Federal Open Market Committee (FOMC), BlackRock’s CIO said. At that time, the financial institution might announce another “substantial” interest rate hike, but there’s “still a lot more data to come between now and the meeting”.
In this environment, data from crypto research firm Santiment records a spike in the supply of Tether (USDT) on exchange platforms. This hints at the potential buying pressure from market participants waiting for more clarity around macro-economic factors.
The recent CPI print might provide that clarity, at the time of writing, USDT’s supply on exchanges stands at 42% for the first time since April 2022. At that time, the market was about to enter a massive bull run into new all-time highs.
The Celsius network filed for bankruptcy last month.
Withdrawals and transfers from user accounts have been suspended since June.
A prospective acquirer of the assets of the Celsius network is Ripple Labs, the organization that created the XRP cryptocurrency. According to Reuter’s article, the blockchain payments startup is interested in Celsius’ assets, although there is little clarification on exactly what the company wants to do. However, neither company have made a formal statement yet. The Celsius network filed for bankruptcy last month. Withdrawals and transfers from user accounts have been suspended since June.
Actively Looking for M&A Opportunites
According to the report, a Ripple representative said that the business is considering buying the assets of the insolvent crypto lender in question. According to the article, Ripple is looking into Celsius’ assets to see whether they are relevant to its goals. However, a Ripple official refused to say whether or not Ripple has any interest in Celsius outright.
The representative stated:
“We are interested in learning about Celsius and its assets, and whether any could be relevant to our business. Ripple has continued to grow exponentially is actively looking for M&A opportunities to strategically scale the company.”
To explain its restructuring plans, Celsius cited an asset value of $4.3 billion. A total of $5.5 billion in liabilities and $4.3 billion in assets were declared, with $600 million in CEL tokens valued at $170 million in the company’s financial disclosure. This might be an excellent move for Ripple since Celsius’ acquisition could provide financial relief to regular investors. In order to fulfil its financial obligations, Celsius has previously said that it was contemplating selling off certain assets.
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Data shows the Ethereum open interest has surged up to near all-time high values as the ETH 2.0 merge comes closer.
Ethereum Open Interest Has Sharply Risen Up Recently
As per the latest weekly report from Arcane Research, the ETH open interest in futures and perps has surged up to 4.2 million ETH in recent days.
The “open interest” is an indicator that measures the total amount of Ethereum futures and perps contracts currently open in the market (denominated in ETH). The metric includes both shorts and longs.
When the value of this indicator is high, it means a large number of contracts are currently open in the market. Such values usually lead to higher volatility in the price of the crypto.
On the other hand, low values of the metric suggest many contracts have been closed on the market. This can result in lesser volatility for the coin.
Now, here is a chart that shows the trend in the Ethereum futures and perps open interest over the past year:
The value of the metric seems to have moved up recently | Source: Arcane Research's The Weekly Update - Week 31, 2022
As you can see in the above graph, the Ethereum open interest has observed uptrend in the past week and is now near the all-time high value.
The current value is the 2nd highest ever recorded for the indicator, just below the 4.21 million ATH set back on July 14th of this year.
While the massive hedging amid arbitrage opportunities like Celsius’ bankruptcy was behind the last peak, the report notes that the current rise is likely caused by trading strategies ahead of the 2.0 merge.
The ETH futures market is also observing massive discounts at the moment. Normally, high open interest and negative basis like right now lend for the possibility of a short squeeze (an event where short liquidations cascade together due to a sudden swing in price).
But Arcane Research points out that the latest increase in leverage is likely from more conservative risk management, which would mean that any possible short squeeze that might take place currently won’t be too significant.
At the time of writing, Ethereum’s price floats around $1.7k, down 1% in the past week. Over the last month, the crypto has gained 40% in value.
The below chart shows the trend in the price of the coin over the past five days.
Looks like the value of the crypto has come down during the last two days | Source: ETHUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Arcane Research
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MoonXBT Social Trading Features
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