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PAXG Bulls is seeking a return to $1,800

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The FTX infection continues to wreak havoc on a cryptocurrency market that has been stuck in a downtrend for most part of 2022, as the tokens struggle with recovery. Despite the crypto winter, Pax Gold price continued to show strength as bulls focus on reaching higher peaks.

The price of gold bucks is showing its strength while other currencies are struggling

The crypto market has just entered the last month of the year. The year was, to say the least, one of the most painful, especially for those investors who entered the space after the bear market of 2018. If it weren’t for the geopolitical implications of the Russia-Ukraine war the collapse of the Terra ecosystem caused by the unpegging of the Terra stablecoin UST from its value of 1 dollar.

Additionally, increasing consumer prices and inflation rates have led people to take their money, not only from cryptocurrencies but from stocks and cryptocurrencies for immediate needs. The latest blow to the cryptocurrency market came from the collapse of one of the largest cryptocurrency exchanges in the world, FTX, early last month. The effects of this are still being felt across the market and according to some leaders in the market, it has “rolled the crypto space back several years”.

Social mood and investor sentiment is still low. According to data from Alternative, the fear and greed index was in the “fear” territory on Friday. According to the sentiment and emotion analytics company, the index is a step above the “extreme fear” territory it has been stuck in for much of the last quarter, as indicated by the red line on the chart below.

Index of fear and greed

Source: alternative

The alternative says fear can “be a sign that investors are too concerned” and as such, they are offloading risky assets for safer assets like gold. However, for cryptocurrency investors, the shift usually goes to stable assets backed by commodities like gold, silver, and oil.

What is PAX gold and why is it rising?

Pax Gold is one of the cryptocurrencies that are fully gold backed. It is an ERC-20 token built on the Ethereum blockchain. PAXG can be traded on many exchanges and has become one of the easiest ways for traders to invest in gold.

According to Charles Cascarella, co-founder of Paxos Standard (PAX), the team behind PAX Gold, PAXG was developed with the goal of making the precious metal more tradable, as physical stone cannot be easily and flexibly broken down, especially when it comes to transportation.

For this reason, Paxos Standard decided to create a fully gold-backed digital asset. Details from PAX Gold White papers He revealed that the cryptocurrency was created to allow market participants to own very small amounts of gold through the altcoin, thus effectively eliminating minimum purchase limits for the commodity.

PAXG is backed by one ounce of 400 ounce London Good Delivery gold bars stored in Brink’s vaults. PAXG token holders own the underlying physical gold held in custody of the Paxos Trust Company.

Gold is usually stable during periods of extreme price volatility. However, the gold index (XAU) is 13% lower than its 2022 peak in March. However, the economic volatility that affected other markets in the past year did not affect gold much.

There were no sudden changes in the value of gold that might have been caused by bearish conditions. Therefore, digital currencies backed by physical gold are a relatively interesting form of asset that holds great promise as an investment of choice among risk-averse investors.

As such, interest in this category of safe investment is growing as demand increases. Pax Gold has maintained a steady weekly and monthly growth over the past 6 months. Its network has seen rapid growth over the same time frame.

To put this into context, the Pax Gold blockchain has seen nearly 5,000 new unique addresses added to the network over the past three months, according to data From CoinMarketCap. There is a total number of approximately 24,152 unique PAXG-labeled addresses in the network as of December 2. This was a significant increase from September 4, when there were only 19,154 token wallet addresses on the PAX Gold network. The ecosystem contains about 13,000 unique addresses at the beginning of the year. This represents a growth of 13% over an 11-month period.

This has led to a growth in the prices of gold-backed currencies with the price of Pax Gold up 14% over the past 10 days and 3% over the last two days. The altcoin’s market cap is now $581.5 million, up 0.93% from today.

24-hour trading volume increased by 14% to $11,972,365. This is an indication of investors’ continued interest in the cryptocurrency as hands are being exchanged on different trading platforms.

PAXG is escaping from a pennant before it reaches $1840

The price of the gold-backed token was pressured on both sides by the pennant resistance and support lines between November 11th and 30th. This suggested that PAXG was consolidating as general pressure and buying pressure seemed to balance.

This is validated by the horizontal movement of the Moving Average Convergence Divergence (MACD) indicator over the same period. Likewise, the moving averages were flattening and the ARMS indicator (TRIN) was oscillating between the red and green lines, an indication that PAXG was in a sideways price move.

At press time, Pax Gold price escaped from the pennant, breaking above the descending trend line at $1,740, on Wednesday. Note that this is the same level where the 200-day simple moving average sat, which is an indication that the cryptocurrency is now enjoying relatively strong support.

Therefore, increasing demand pressure from the current price may push PAXG up to reach the bullish target of the prevailing chart pattern at $1840, which is 3% higher than the current price.

PAXG/USD daily chart

Pax gold price chart
TradingView chart: PAXG/USD

Supporting the optimistic outlook for Pax Gold price is the buy signal from the Moving Average Convergence Divergence (MACD) indicator. This happened yesterday when the 12-day EMA (blue line) crossed above the 26-day EMA (orange), indicating that market sentiment has turned bullish.

In the previous day, the 50-day SMA crossed above the 100-day SMA as shown on the daily chart. Although it is not a golden cross, this bullish cross indicates an increase in demand for the gold coin, which adds credibility to the positive outlook. In addition, the Arms Index (TRIN) is set at 1.25, which indicates that there are more buyers than sellers in the market.

However, things may go awry for the PAXG bulls if the price falls below current levels. For this to happen, Pax Gold sellers will need to overcome immediate support at the 200-day SMA at $1,740 before exploring areas around $1,700 and $1,680, where the 50- and 100-day SMAs are currently located. In the meantime, any attempt to push PAXG price to reach the downside target of the prevailing chart pattern at $1,633 (down 8%) might be hampered by the resistance from the psychological level of $1,650.

Despite this bullish outlook for PAXG, bearish conditions in the market are likely to continue in the near term. FTX infection persists and there is no telling how far the effects will be. The overall climate continues to add to the headwinds, leaving cryptocurrency investors with less portable projects to pour their capital into.

As such, there are some interesting pre-sales currently taking place in the crypto space with the potential to increase returns for investors once they get listed on the exchanges. An example of such encryption with an optimistic outlook is IMPT code, which is being sold in advance. The token has so far raised $13.5 million in an ongoing presale. As a bonus, the Impact Token team is running a The giveaway offer is 100 thousand. Hurry up and take part in this giveaway so you don’t miss out on an exciting opportunity.

similarly, Dash 2 Trading It also comes among these promising tokens. This platform allows the creation and testing of trading strategies for traders and investors to make informed decisions in the market. Dash 2 Trade is designed to take cryptocurrency trading to the next level by providing data-based crypto signals. The team behind D2T has raised $7.7 million to date with over 85% of the tokens sold in the Phase 3 pre-sale. Don’t miss this opportunity to buy D2T at a discount as the price is set to rise to $0.0533 in the phase 4 pre-sale.

With a trading intelligence platform like Dash, disasters like FTX breakdown They can be spotted before they happen and help traders and investors secure their assets and generate market-beating returns.

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Blockchain

BNT/USD is trading near the $0.50 resistance

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The Bancor price prediction shows that BNT is crossing the 9-day and 21-day moving averages while the coin is taking off to the upside.

Bancor Prediction Statistics Data:

  • Bancor price now – $0.34
  • Bancor’s market capitalization is $55.8 million
  • The circulating supply of Bancor – 162.5 million
  • The total supply of Bancor – 162.5 million
  • Bancor Coinmarketcap Ranking – #287

BNT/USD market

Key levels:

Resistance levels: $300, $310, $320

Support levels: $130, $120, $110

BNTUSD – daily chart

BNT / USD It is currently trading at $0.345 after touching a daily high of $0.490, and is likely to return above the 9-day and 21-day moving averages. However, in case the buyers can push the price above the $0.50 resistance level, then the daily candlestick may close above this level, and the price may rise towards the upper boundary of the channel.

Bancor Price Prediction: Bancor is preparing for an upward movement

According to the daily chart, the Bancor price It is moving near the $0.40 resistance level as the coin is preparing for additional gains. The technical indicator’s RSI (14) is also moving to cross above the 50 level, where the signal line is pointing up to signal a buy signal.

However, if buyers are able to push the price and hold it above the 9-day and 21-day moving averages, Bancor price could rise towards the upper boundary of the channel to reach the potential resistance levels at $0.50, $0.55, and $0.60. While crossing below the lower border of the channel, it could lift the currency to the support levels at $0.25, $0.20, and $0.15, respectively.

Against Bitcoin, Bancor is following a bullish rally, and it could swing higher to cross above the upper boundary of the channel that could identify the resistance at 2400 SAT and above. On the other hand, if the market price crosses the lower boundary of the channel, it may reach the support level of 1800 SAT and below.

BNTBTC – Daily Chart

However, the technical indicator’s RSI (14) is currently moving to cross above the 50 level as the signal line is pointing north to confirm the upward move. Moreover, any further upward movement may create additional gains above the channel.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

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Blockchain

DYDX/USD could rise above $1.20

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Since the coin starts the upward movement towards the upside, the dYdX price forecast is likely to move steadily inside the channel.

dYdX prediction stats data:

  • DYDX price now – $1.10
  • DYDX market capitalization – $72.7 million
  • Circulating supply of DYDX – 65.5 million
  • Total supply of DYDX – 1 billion
  • DYDX Coinmarketcap Rank – #198

DYDX/USD Market

Key levels:

Resistance levels: $2.00, $2.20, $2.40

Support levels: $0.50, $0.30, $0.10

DYDXUSD – daily chart

DYDX/USD is likely to cross above the 9-day and 21-day moving averages as the currency begins its upward movement. in the past few days, dYdX price Struggles to cross over to the positive side. According to the daily chart, the RSI (14) technical indicator moved to cross above the 40 level, confirming the bullish movement of the currency.

dYdX Price Prediction: DYDX is ready for an uptrend

the dYdX price It is currently moving north. If the currency continues its upward movement, the bulls may cross above the 9-day and 21-day moving averages, which could reach the resistance levels at $2.00, $2.20, and $2.40. At the time of writing, DYDX/USD is showing a slight bullish movement on the daily chart.

Conversely, if the coin slips below the lower boundary of the channel, it may bring the coin back to the $0.50, $0.30, and $0.10 support levels, respectively. Meanwhile, long-term buyers should not be alarmed by the small impact down the road, as the future of DYDX is assured as evidenced by the technical indicator’s RSI (14).

Against Bitcoin, dYdX price is hovering below its 9-day and 21-day moving averages as the coin is poised for an upward move. The technical indicator’s RSI (14) also confirms the upward movement as the signal line encounters the 40 level. On the contrary, a potential downside move could emerge if the market price crosses below the lower boundary of the channel, which could reach the support level 200 SAT and below.

DYDXBTC – Daily Chart

Meanwhile, any further bullish move above the moving averages could push the coin to the 1200 SAT resistance level and above, and this could take the coin to a new high, and the market could remain in the bullish zone.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

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Dash 2 Tadawul – High Potential Pre-Selling

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SBF to Enter Plea Deal, Mango Exploiter Arrested, Celsius News: Hodler’s Digest, Dec. 25-31

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