PAX Gold (PAXG) Trades In Green While Other Coins Struggle

The FTX controversy has pulled the entire crypto market down, with top tokens struggling to stay afloat. Despite the bearish sentiment, PAX Gold (PAXG) has continued to trade in the green zone, keeping substantial intraday and one-week gain. The gold-backed crypto was trading at $1,762, a 2.17% intraday increase and a 5.80% week-on-week gain at press time. However, trading activity on PAX Gold has decreased in the past 24 hours. Specifically, the gold price-pegged crypto saw trading volume down 16% in the 24 hours. At the same time, PAXG gained1.78% and 1.90 against BTC and ETH respectively. However, PAXG is positioned to retain its gains for quite some time. Related Reading: Following FTX’s Collapse, These Exchanges Are Rumored To Be In Trouble PAX Gold Adds Over 2,600 New Wallets In The Last Six Months Even though most cryptocurrencies have recently seen a downturn, Pax Gold has maintained consistent weekly and monthly growth. Furthermore, its network has experienced rapid growth during the past several months. In particular, over 2,600 additional wallet addresses have been introduced to the network during the previous three months. The numbers came from the cryptocurrency market statistics platform CoinMarketCap. This was a considerable increase from May, when there were just 18,000 distinct wallet addresses on the PAX Gold ecosystem. It had around 13,000 unique addresses at the start of the year. As shown by the data, the gold-backed cryptocurrency saw growth of over 13% during that period. What The Charts Say About PAX Gold Although the short-term price action for PAX GOLD – PAXG/USD is corrective, the underlying trend is positive. The underlying trend remains unaffected for the time being; this is only a technical correction. Any reversal would be validated if prices dropped below $1,676.61, which served as support earlier. Then, the next support would be at $1,658.52, where selling would be encouraged. If the bears manage to get beyond it, they might aim for $1,618.80. But as of writing, bullish momentum is still strong as the coin trades above $1,740. The subsequent targets for the bulls are $1,790.27 and, farther out, $1,804.42. The 1H chart for PAX GOLD/USD reveals a positive technical outlook. The bullish indications from moving averages make up 67.86% of all signals. This bullish trend may lose speed as short-term moving averages flash somewhat negative indications.  Neither the price nor any of the moving averages cross over each other or any of the other moving averages. Given the current trajectory of the technical indicators, additional price growth is likely but still needs to be determined. Related Reading: XRP Price Rallies 15%, Why Ripple Could Outperform Bitcoin and Ethereum What To Know About PAX Gold PAX Gold is a bridge between crypto and gold, uniting the best features of both. Each PAXG token is backed by at least one troy ounce (t oz) of 400-ounce London Good Supply gold bar stored in Brinks Safety vaults in London. PAXG is pegged to the price of gold and backed by gold bars authorized by the London Bullion Market Association (LBMA). Featured image from Pixabay and chart from TradingView.com

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Crypto.com Announces Suspension of Ethereum Transactions During POS Merge

The Cypto.com exchange stated that its services fully support the Ethereum merger, and announced that it will stop the deposit and withdrawal of ETH and all ERC20 tokens on the Ethereum mainnet during the week of the merger on September 15 next month. (Read More)

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Mark Cuban in legal trouble over the promotion of Voyager

Due to his involvement in promotions of embattled crypto firm Voyager Digital, Mark Cuban is facing a class-action lawsuit. In the past few years, the [...]

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Team Vitality Join Hands With Tezos, Boost Esports Gaming Ecosystem

Team Vitality, a global esports organization has partnered with Tezos. Tezos commits to supporting the growing blockchain and gaming ecosystem ...

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Bitwise ETF BITQ Surpasses $100M in Cypto Assets Under Management

Bitwise Asset Management, a leading crypto asset manager, has announced that its Crypto Industry Innovators ETF (NYSE: BITQ) recently surpassed $100 million in assets under management. This milestone comes amid a turning point for the crypto sector, which has seen positive industry developments, strong market performance, and growing investor interest throughout 2023. (Read More)

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Crypto Analyst Unveils List Of Top Memecoins To Buy Now

In his latest YouTube video titled “Turn $1,000 into $100,000 With Meme Coins in 45 Days! [I’m Buying These Memes Now],” Miles Deutscher provides an analysis of the current memecoin landscape where he lists specific coins that he believes are poised for substantial growth. Deutscher contextualized the current market environment, stating, “altcoins are now breaking out of a key resistance level on the weekly, absolutely flying specifically the meme coins.” He attributes this surge to the memecoin supercycle, driven by increased retail participation and strategic exchange listings. “The altcoins that people are bidding in light of this breakout are the memecoins, specifically the ones that are getting exchange listings,” he explains. List Of Deutscher’s Top Memecoins To Buy Now Among the top memecoins Deutscher highlights, Pepe (PEPE) is a standout performer. “Pepe is my first 100x through memecoins,” Deutscher exclaims. He advises a proactive trading approach, utilizing technical indicators to navigate its price movements. “Pepe continues to show strong bullish signals, making it a prime candidate for long-term holds and active trading,” he asserts. Related Reading: Uncertainty Looms For Crypto As SEC And CFTC Leadership Transitions Unfold Under Trump Dogwifhat (WIF) is another memecoin that Deutscher identifies as having significant upside potential. “WIF is performing exceptionally well right now,” he notes, pointing to its strong market performance. Deutscher recommends monitoring breakout patterns and technical signals akin to those observed with Pepe, suggesting that WIF is well-positioned to capitalize on the ongoing market momentum. “Watch for breakout patterns and technical signals similar to Pepe,” he states. Foxy (FOXY) also garners attention for its remarkable performance, currently up approximately 110% in the last 13 days. “Foxy has started flying the spell call from yesterday,” Deutscher states. He recommends a strategic approach of taking partial profits while maintaining the majority of the position to maximize returns. “Targeting higher range highs with potential for yearly high retests,” he explains. Spell (SPELL) is another memecoin that Deutscher praises, having increased by 41% since his entry and 67% in the last 12 days. He attributes its success to “unit bias and low market cap psychology,” emphasizing the psychological factors that drive retail investment in lower-priced tokens. “Spell is the lowest market cap meme on Coinbase, and unit bias is a real thing with retail,” he observes. Deutscher targets a multi-billion market caps for Spell, advocating for holding positions to fully capitalize on its growth potential. Related Reading: New Era For Crypto Regulation? SEC Chair Gensler Suggests He May Step Down Bonk (BONK) and Floki (FLOKI) are recognized by Deutscher for their consistent performance within the memecoin sector. “Bonk continues to be a strong performer,” Deutscher remarks, while FLOKI’s substantial gains of approximately 85% are noted as being driven by overall market momentum. “FLOKI benefits from the flywheel effect and overall market momentum,” he explains. Peanut the Squirrel (PEANUT) is highlighted for its explosive growth, having surged by an impressive 1,800% within the last nine days. Deutscher attributes its rapid rise to heightened retail investment and speculative trading. He underscores Peanut’s potential for continued growth, driven by its strong momentum and increasing market interest. “Peanut exemplifies the explosive potential within the memecoin arena,” he states. Goat (GOAT), the leading AI memecoin, has seen a fivefold increase over the past month and has crossed the $1 billion market cap with the latest surge. However, GOAT is far from done. “Goat is targeting multi-billions,” Deutscher asserts, indicating his confidence in its scalability and long-term viability. In addition to these primary memecoins, Deutscher also mentions SPX6900 (SPX) and Giga (GIGA) as newer additions to his portfolio, both showing positive returns. “SPX is considered a relative strength leader with potential for significant upside,” he elaborates, while Giga’s performance is tied to technical setups and anticipated exchange listings, making it a strong contender in the memecoin sector. “Giga remains a strong contender based on its technical setups and upcoming exchange listings,” Deutscher notes. Deutscher also touches on several other memecoins, including Popcat, MOG, Miggles, Flaky, Pups, Simons Cat, Toshi, Billy, and Paradise, each noted for their varying performances and niche market potentials. He observes, “animal coins have been super hot,” particularly cat-themed memecoins like Popcat and MOG, which he believes are ripe for rotation plays within their specific sub-sectors. In general, Deutscher emphasizes the current significance of exchange listings and weekend trading dynamics. “Weekend pumps have become a lot more probable across the board now that retail is back,” he explains, noting that retail investors are more active during weekends, driving substantial market movements. He also advocates for monitoring intra-rotations within memecoin sub-sectors, such as cat-themed coins, to capitalize on emerging trends and early investments. At press time, PEPE traded at $0.00002080. Featured image from iStock, chart from TradingView.com

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Crypto Miner Argo Blockchain Mined 129 Bitcoins in July 2023

Argo Blockchain mined 129 BTC in July 2023, an 11% decrease from June, with stable revenue of $3.87M. (Read More)

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