PAXG Technical Analysis: Ascending Triangle Breakout Eyes $1900

The surge in demand for PAXG as the investors turn their eyes to safe investments may shortly help the Pax Gold token value surpass the $1875 barrier. Key technical points: The PAXG market price has recovered 1.35% over the past 24 hours. The bullish reversal within ascending triangle improves breakout chances. The 24-hour trading volume of Pax Gold is $29 Million, indicating a hike of 33%. 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 ...