$PAXG is a gold-backed token on Ethereum, where each token represents one fine troy ounce of physical gold held in secure vaults — so its price closely tracks the spot gold price rather than typical crypto market cycles.
Price action is currently sitting above key short-term support levels, indicating near-term bullish bias, but swings remain tied to gold.
On a daily candlestick basis, you’d likely see candles with long lower wicks near gold-related support zones, showing buying pressure when gold dips and sellers above resistance.