Pax Gold Price Prediction 2024: PAXG Price Analysis
What's next for Pax Gold?
Key Takeaways
- Pax Gold’s PAXG rose after the most recent geopolitical tensions.
- Both the gold and PAXG hit a new all-time high recently.
- One price prediction says it may reach $6,474.32 next year.
As global tensions escalated in recent months, fueled by the ongoing conflict in Gaza, investors flocked to safe-haven assets, sending the gold price soaring to a new record high. Amidst this surge, Pax Gold (PAXG), a tokenized gold coin, also saw its value increase, underscoring its appeal as a digital store of value.
With a market capitalization exceeding $472.3 million, PAXG proudly holds the title of the world’s second-largest tokenized gold coin. Topping the charts is tether gold (XAUT), boasting a market capitalization of $621.8 million.
Pax Gold did not respond to a request for comment.
Let’s now take a look at our Pax Gold price prediction. We’ll also examine Pax Gold’s price history and explain a little about what Pax Gold is and what it does.
Pax Gold Price Prediction
Let’s analyze some of the Pax Gold price predictions CCN made on Aug. 21, 2024. It is crucial to remember that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate.
| Minimum PAXG Price Prediction | Average PAXG Price Prediction | Maximum PAXG Price Prediction | |
|---|---|---|---|
| 2024 | $2,238.33 | $5,165.33 | $5,448.43 |
| 2025 | $5,377.96 | $6,034.42 | $6,474.32 |
| 2030 | $16,903.40 | $17,862.17 | $18,724.08 |
Pax Gold Price Prediction for 2024
If the positive momentum continues and PAXG breaks above its moving averages, it could reach targets between $2,238.33 and $5,448.43 by the end of 2024, with the average price set at $5,165.33.
Pax Gold Price Prediction for 2025
Technical analysis suggests a potential increase for Pax Gold in 2025. The minimum PAXG price expected for 2025 is $5,377.96, while the maximum is $6,474.32. On the other hand, the average forecast suggests it may reach $6,034.42.
Pax Gold Price Prediction for 2030
Based on technical analysis, the PAXG token may reach a maximum level of $18,724.08 at the beginning of the next decade, while, in the worst scenario, it may go to $16,903.40. Meanwhile, the average expected price is $17,862.17.
Pax Gold Price Analysis
As of Aug. 21, Pax Gold exhibits mixed signals across various technical indicators. The Relative Strength Index (RSI) is in neutral territory, suggesting no clear momentum. The Stochastic Oscillator (STOCH) at 53.571 also indicates a neutral trend, while the Stochastic RSI is showing a sell signal at 34.409.
On the bullish side, the MACD (12,26) shows a buy signal at 0.406, supported by the ADX (14) at 24.105, indicating a buying trend. The Williams %R, sitting at -42.857, also aligns with a buy signal.
Meanwhile, the Commodity Channel Index (CCI) is neutral at 8.046. The Average True Range (ATR) at 5.5 points has less volatility in the market, and the Highs/Lows indicator is neutral at 0.
Short-Term Pax Gold Price Prediction
Pax Gold price prediction indicates a flat movement for the next 24 hours and a potential rise of 0.3% for the next month, bringing the price to $2,515.89 by Sep. 20, 2024. According to our technical analysis, the current market sentiment is bullish despite the Fear & Greed Index showing a score of 26, indicating a fearful market.
Over the past 30 days, Pax Gold has experienced 17 out of 30 green days (57%) with a price volatility of 1.7%. Based on this forecast, now appears to be a favorable time to consider buying Pax Gold.
Pax Gold Relative Strength Index (RSI): Is PAXG Oversold or Undersold?
Pax Gold Price Performance Comparisons
| Current Price | One Year Ago | Price Change | |
| Pax Gold | $2,507.70 | $1,890 | +34% |
| Tether Gold | $2,523.88 | $1,906 | +33% |
| Gnosis | $166.81 | $99.3193 | +65% |
| Maker | $1,954.97 | $1,040 | +76% |
How Do We Make a Pax Gold Price Prediction?
Our price prediction for Pax Gold combines technical analysis tools and recognizes the logic in price cycles. We’ve primarily used the Elliott Wave Principle, which describes these price movements in their motive and correction phases. Applied to the Pax Gold-specific time-frames and its price history, we can come up with the targets, although the further we project, the less accurate they are because they depend on what happens in between.
Best Days and Months to Buy Pax Gold
We looked at Injective’s price history and found the times when the price was at its lowest across certain days, months, quarters, and even weeks in the year, suggesting the best times to buy INJ.
| Day of the Week | Friday |
| Week | 15 |
| Month | March |
| Quarter | Fourth |
PAXG Price History
| Time Period | Pax Gold Price |
|---|---|
| Last week (Aug. 14, 2024) | $2,459 |
| Last month (July 21, 2024) | $2,398 |
| Three months ago (May 21, 2024) | $2,412.83 |
| One year ago (Aug. 21, 2023) | $1,890 |
| Launch price (Sep. 27, 2019) | $1,515 |
| All-time high (Aug. 21, 2024) | $2,507.97 |
| All-time low (Nov. 18, 2019) | $1,427.37 |
Pax Gold Market Cap
The market capitalization, or market cap, is the sum of the total PAXG in circulation multiplied by its price. On Aug. 21, 2024, Pax Gold’s market cap was $472.3 million, making it the 113th largest crypto by that metric.
Who Owns the Most Pax Gold?
On Aug. 21, 2024, one wallet owned 5.94% of the coin’s supply.
Richest PAXG Wallet Addresses
As of Aug. 21, 2024, the five richest PAXG wallets were:
- 0x7d766b06e7164be4196ee62e6036c9fcff68107d. This wallet held 11,184 PAXG or 5.94% of the supply.
- 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet held 11,000 PAXG or 5.84% of the supply.
- 0xe25a329d385f77df5d4ed56265babe2b99a5436e. This wallet held 10,067 PAXG or 5.35% of the supply.
- 0xbe0eb53f46cd790cd13851d5eff43d12404d33e8. This wallet held 5,833 PAXG or 3.10% of the supply.
- 0xda9dfa130df4de4673b89022ee50ff26f6ea73cf. This wallet held 5,810 PAXG or 3.09% of the supply.
Pax Gold Supply and Distribution
| Supply and distribution | Figures |
|---|---|
| Total supply | 188,301 |
| Circulating supply (as of Aug. 21, 2024) | 188,301 (100% of the total supply) |
| Holder distribution | Top 10 holders own 31% of the total supply as of Aug. 21, 2024. |
From the Pax Gold Whitepaper
Pax Gold’s technical documentation or whitepaper says, “It is a tokenized version of gold that represents real, physical gold. It gives tokenholders actual gold ownership in the most secure vaults in the world, along with the portability of a digital wallet.
“We provide some historical context to demonstrate the importance of a modern, digital approach to gold access. Finally, we present details about the infrastructure behind the product, including our structure as a regulated Trust company, the technical design of our smart contracts, and other details of our operations,” the company behind it added.
Pax Gold (PAXG) Explained
Pax Gold (PAXG) is an asset-backed token. One token represents one fine troy ounce of a London Good Delivery gold bar stored in professional vault facilities. Anyone who owns PAXG has ownership rights to that gold, which is in the custody of Paxos Trust Company.
How PAXG Works
PAX Gold is a gold-backed stablecoin that enables users to buy partial shares of Gold. It means that retail investors can also invest their money in this secure asset. PAX Gold token holders can easily exchange their crypto tokens with real gold.
Is Pax Gold a Good Investment?
It is hard to say. The coin has been around for a long time, and on the horizon, there’s a clear bullish sign.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in Pax Gold.
Will Pax Gold go up or down?
No one can really tell right now. While the Pax Gold crypto price predictions are mainly positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can and do go down as well as up.
Should I invest in Pax Gold?
Before you decide whether or not to invest in Pax Gold, you will have to do your own research, not only on PAXG but on other related coins and tokens such as Ethereum (ETH) and Solana (SOL). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
FAQs
Will Pax Gold reach $10,000?
It might. Price predictions based on technical analysis expect it to reach that level in 2027.
What is Pax Gold used for?
Pax Gold (PAXG) is an asset-backed token where one token represents one fine troy ounce of a London Good Delivery gold bar, stored in professional vault facilities. Anyone who owns PAXG has ownership rights to that gold under the custody of Paxos Trust Company.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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