Is $PAXG finally preparing for a massive breakout or is this just a fake out before a dump?
Looking at the 1h chart for PAXG/USDT and it’s getting interesting. We just hit a high of 5,026 and now we’re seeing a bit of a cooling off period. The price is hovering right around the 5,004 mark.
The structure looks fairly healthy with higher lows being formed since that 4,924 bottom. I’m noticing a bit of a struggle to stay above 5,010 though. If we can flip that level into support, we might see a run toward the 5,030 zone.
The order book is showing about 60% sell pressure right now so the bears are definitely trying to cap this move. I’d like to see some more buying volume come in to confirm the next leg up.
I’m watching the 4,986 level as immediate support. As long as we hold that, the trend stays intact for me.