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PAX Gold (PAXG) Price Prediction 2022 – Will PAXG Hit $2000 Soon?

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Pax Gold (Paxg) Price Prediction 2022 - Will Paxg Hit $2000 Soon?
  • 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.

PAXG/USDT Descending Channel Pattern (Source: TradingView)

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).

1657647368 939 Pax Gold Paxg Price Prediction 2022 Will Paxg Hit
PAXG/USDT Support and Resistance Level (Source: TradingView)

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 $1756
Resistance Level 2 $1792
Resistance Level 3 $1820
Resistance Level 4 $1842
Resistance Level 5 $1864
Support Level $1726
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.

PAX Gold (PAXG) Price Prediction 2022 — RVOL, MA, and RSI

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.

PAXG/USDT ADX (Source:TradingView)

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.

1657647368 623 Pax Gold Paxg Price Prediction 2022 Will Paxg Hit
PAXG/USDT ADX, RVI (Source: Tradingview)

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).

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BTC Vs ETH Vs PAXG Price Comparison (Source: Tradingview)

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.

Conclusion

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.

FAQ

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.

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Why Bitcoin Miner Sell-Offs May Continue

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Bitcoin Bear

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

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Bitcoin Surge Towards $24k As CPI Report Show Inflation Cooling

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Bitcoin

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

 

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.

Bitcoin

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

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Crypto Traders Accumulate Highest Buying Power In Two Years

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Crypto Bitcoin Btc Btcusdt

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.

BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview

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.

Crypto Bitcoin Btc Btcusdt
Source: Santiment via Twitter

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Ripple Labs Interested in Buying Assets of Celsius Network

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Celsius Makes Strong Comeback, Total Debt Stands At Only $59 Million