PAXG Technical Analysis: Ascending Triangle Breakout Eyes $1900
Table of contents
Key technical points:
Past Performance of PAXG
PAXG prices show a bullish reversal from the $1800 mark with lower price rejection avoiding a closing below $1800. The bullish resurgence results in the formation of an ascending triangle pattern with the overhead resistance at $1875. And the recent surge of 1.35% over the last day forms a bullish engulfing candlestick that increases the likelihood of a bullish breakout.
Source- Tradingview
PAXG Technical Analysis
PAXG prices surpass the 50-day (red) and 200-day (black) EMAs in the daily technical chart reflecting the surge in demand. If buyers manage to sustain the pressure overnight, the breakout of $1875 is inevitable, which will fuel the bullish rally to surpass the $1900 mark. Moreover, the buying spree undermines the death cross and increases the likelihood of the 50-day EMA surpassing the 200-day EMA.
Coming to the momentum indicators, the MACD indicator shows the fast and slow lines avoiding bearish crossover events slighlty below the zero line. And the sudden increase in bullish histogram intensity aims to push the lines above the zero line. Moreover, the RSI indicator shows a surge in the underlying bullishness as the RSI slope spikes above the halfway line. Hence, the technical indicators show a rise in bullish momentum and increase the chances of PAXG prices reaching the $1900 mark.
Upcoming Trend
If PAXG prices give the bullish breakout of the ascending triangle pattern, the unleashed bullish momentum will fuel the uptrend reach $1900.
Resistance Levels: $1900 and $1920
Support Levels: $1850 and $1800