PAX Gold Price Prediction 2021 – Will PAXG Hit $2099 Soon?

PAX Gold Price Prediction 2021 - Will PAXG Hit $2099 Soon?
  • Bullish PAXG price prediction ranges from $1828 to $2020.
  • The PAXG price might also reach $2099.
  • PAXG bearish market price prediction for 2021 is $1460.

In PAXG price prediction 2021, we use statistics, price patterns, ADX, and much other information about PAXG to analyze the future movement of the cryptocurrency

Pax Gold (PAXG) is a gold-backed cryptocurrency, launched in September 2019 by the manufacturer of Paxos Standard (PAX). As an ERC20 token running on the Ethereum blockchain, Pax Gold can be traded on various exchanges and has become an affordable way for traders to invest in gold. The main goal is to make gold more market value because physical products are not easily shared or flexible in transportation.

Current Market Status of PAX Gold (PAXG)

According to Coingecko, the price of PAXG is $1765 with a 24-hour trading volume of $11,956,384 at the time of writing. However, PAXG has increased by 0.5% in the last 24 hours.

Moreover, PAXG has a circulating supply of 174,254  PAXG coins. Currently, PAXG trades in cryptocurrency exchanges such as Binance, Tokocrypto, FTX, HitBTC, and Kraken.

PAX Gold (PAXG) Price Prediction 2021

PAX Gold (PAXG) holds the 174th position on CoinGecko right now. PAXG price prediction 2021 is explained below with a daily time frame. 

PAXG/USDT Descending Triangle Pattern (Source: TradingView)

The descending triangle is a bearish chart pattern, designed by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows. A descending triangle pattern is a signal for traders to take a short position to accelerate a breakdown.

In the daily time frame chart, the PAXG can reach $1998 if the bull trend continues. Or else, if the price of the PAXG breaks the resistance level of $1837, it will fall to the next support level at $1690. So, the trend of the PAXG is based on the breakout.

PAX Gold (PAXG) Support and Resistance Level

The below chart shows the support and resistance level of PAXG. 

PAXG/USDT Support and Resistance Level (Source: TradingView)

From the above chart, it observed that the following are the resistance and support levels of PAXG.

  • Resistance Level 1 – $1828
  • Resistance Level 2 – $1916
  • Resistance Level 3 – $2020
  • Resistance Level 4 – $2099
  • Support Level 1 – $1690
  • Support Level 2 – $1580
  • Support Level 3 – $1460

The chart shows the bullish performance of PAXG over the previous month. However, this trend might continue to reach a resistance level at $2099 soon. On the contrary, if the trend, reversed then PAXG might fall to $1460 presenting a bearish signal.

PAX Gold (PAXG) Average Directional Index (ADX)

Let us now look at PAXG’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it frequently combined with directional indicators.

PAXG/USDT ADX (Source:TradingView)

The above chart represents the ADX of PAXG lies in the range at 29.29, so it indicates a strong trend.

Conclusion

PAXG is one of the cryptos which is great for long-term investment. In addition, PAXG price prediction is bullish for the short term. It has a good chance of reaching $2241 by the end of this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the PAXG ecosystem, the performance of PAXG would rise reaching $1998 very soon. But, it might also reach $2099 if the investors believe that PAXG is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.