Cryptoknowmics
2022-05-21 09:41:56

PAXG Technical Analysis: Channel Breakout Eyes To Retest 200 EMA

PAXG prices retest the falling channel breakout and the $1850 mark with a Doji candlestick. Should you expect a post-retest reversal to $1900? Key technical points: PAXG price rose 2.06% in the last three days. However, the reversal prepares to retest the 200-day EMA. The 24-hour trading volume of PAX Gold is $24.69 Million, reflecting a 31% drop. Past Performance of PAXG Analyzing the past trend in PAXG/USD chart, the bullish failure to sustain above the $2000 mark leads to a downfall in a falling channel pattern. However, the recent fall in the support trendline starts a bullish reversal displaying a retest phase in motion. Hence, the chances of a post-retest relapse increase significantly as the lower price rejection grows. Source-Tradingview PAXG Technical Analysis The breakout rally in PAXG prices eyes the $1875 as it retests $1850, as the buying pressure grows evident by the increase in trading volume. Moreover, the bullish engulfing candlestick improves the overall confidence of PAX Gold buyers. With the recent bearish crossover of the 50 and 100-day EMAs, the probability of death cross increases drastically. Hence, traders can expect the breakout rally to face opposition at the 200-day EMA. Moving forward to the technical indicators, the RSI slope surpasses the 14-day SMA after a sharp V-shaped reversal. Moreover, the bullish trend shows a diagonal rise to reach the halfway line indicating growth in underlying bullishn...

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.