With the bearish cloud darkening over the PAXG price chart, the sellers overtake the trend control and form a falling channel.

Key technical points:
<ul>
 	<li style="font-weight: 400">The PAXG market value dropped 4.5% last month.</li>
 	<li style="font-weight: 400">The market price breaks below the 200-day SMA.</li>
 	<li style="font-weight: 400">The 24-hour trading volume of Pax Gold is $132 Million, indicating a 222% fall. </li>
</ul>
<h2>Past Performance of PAXG</h2>
PAXG prices undergo a bearish trend within a falling channel pattern after facing higher price rejection above the $2000 mark. The downtrend breaks under all the crucial SMAs and the $1850 mark with a rise in selling pressure. Moreover, buyers bring reversal to retest the 200-day SMA breakdown while completing a bull cycle within the channel.

<img src="https://s3.tradingview.com/snapshots/x/XDsFywpN.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/XDsFywpN/">Tradingview</a>
<h2>PAXG Technical Analysis</h2>
PAXG price action reflects a relatively more robust resistance trendline with the confluence of the SMAs giving off a bearish vibe. Hence, the possibility of a reversal after a Doji formation to create an evening star is highly likely.

The crucial daily SMAs showcase a high likelihood of a bearish crossover of the 50 and 100-day SMA while the price remains under the 200-day average. Hence, the EMAs reflect a solid bear cycle in motion.

The Stochastic RSI shows an abrupt end in the bear cycle as the bullish reversal within the falling channel brings a positive crossover. Hence, if the crossover sustains, the chances of market value outperforming the 200-day average will increase.

The DMI indicator shows a weakening in the bear trend as the spread between the DI lines decreases, projecting a high likelihood of bullish crossover. Hence, the indicator represents the possibility of 

In short, the PAXG technical analysis reflects a possibility of a downtrend continuation below the 200-day average.
<h2>Upcoming Trend</h2>
As the overall selling increases in the crypto-verse, the possibility of PAXG surpassing the 200-day SMA remains doubtful. However, if the buyers manage to do so, an uptrend to the $2000 mark is likely to reverse the 50 and 100-day average lines. 

On the other hand, if sellers find the opportunity to create an evening star pattern, a bearish follow-through will devaluate the market value to $1500.

Support levels: $1800 and $1500

Resistance levels: $1875 and $2000

PAXG Technical Analysis: Bearish Trend Thrives Within Channel

With the bearish cloud darkening over the PAXG price chart, the sellers overtake the trend control and form a falling channel breaking.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

PAXG Technical Analysis: Bearish Trend Thrives Within Channel

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