$PAXG /USDT: Explosive Breakout – Is Gold-Backed Crypto Ready for More?
PAX Gold (PAXG) has surged to $3,349.99, printing a massive green candle in the 2-hour chart and gaining +1.35% on the day. The rally comes after a strong bounce off the $3,283 support level, and price is now flirting with the 24h high of $3,352.29.
Key Observations:
Breakout Volume: Sharp vertical move indicates a momentum-driven breakout.
Next Resistance: $3,355 – If price flips this, it could lead to a swift rally toward $3,370+.
Support: $3,340 – Previous breakout zone now acting as key support.
Trade Setup:
Bullish Case:
If PAXG holds above $3,340 and breaks $3,355, potential targets:
Target 1: $3,370
Target 2: $3,390
Bearish Risk:
A dip below $3,325 could invalidate the breakout and retest:
Support 1: $3,310
Support 2: $3,283
Conclusion:
The gold-backed token is showing strength while traditional crypto markets remain shaky. If PAXG sustains above its recent breakout, we could witness a flight-to-safety rally in coming sessions. Watch for consolidation above $3,340 for confirmation.