PAX Gold (PAXG) Price Prediction: Can Bulls Defend $4,400 Amid Rising Selling Pressure?
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PAX Gold (PAXG), a gold-backed crypto token, slid to about $4,403 after a 2% 24-hour drop and nearly 3% weekly loss, falling below key moving averages following rejection in the mid-$4,600 region. Elevated open interest amid spot outflows and failed breakouts has produced lower highs and lower lows, reinforcing bearish pressure on the $4,400 support and signaling short-term downside risk for token performance and adoption.
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- PAXG weakens below key moving averages as sellers defend major resistance zones.
- Elevated open interest signals traders still monitor PAXG despite fading momentum.
- Spot outflows and failed breakouts reinforce bearish pressure near $4,400 support.
PAX Gold (PAXG) continued its downward correction as weakening momentum pressured the token below several key resistance levels. The gold-backed digital asset traded near $4,403 after slipping more than 2% during the past 24 hours. Additionally, weekly losses approached 3% as traders reduced exposure following an extended rally earlier this year.
The recent decline follows a rejection from the mid-$4,600 region, where sellers regained control after several failed breakout attempts. Consequently, the daily structure now reflects a series of lower highs and lower lows. This pattern often signals ongoing short-term weakness u…
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