Premium Analysis
$PAXG just took a sharp turn after hitting a local high near 5,650. Sellers jumped in fast—big red candles, volume surging—so this looks more like heavy distribution at the top than a routine pullback.
Now it’s trading around 4,646 right back in the old value area. Bulls have lost control for the moment.
The uptrend’s bigger picture is still there, but right now we’re in a short-term bearish correction.
That spike in volume during the drop? Looks like panic selling or big players cashing out.
The fall paused around 4,630 to 4,650 which is acting as a demand zone for now.
If price can’t hold that line, we’re looking at a deeper drop toward 4,490 maybe even 4,300-both spots where buyers stepped in before.
👉Here’s how things could play out:
🔹Bullish reclaim: If price holds above 4,630 and pushes back over 4,800 we might see a bounce toward 5,050–5,200.
🔹Range chop: Price could just drift between 4,600 and 4,850 for a while as things settle down.
🔹Bearish continuation: If we get a daily close below 4,490, expect more downside possibly 4,300 or even 4,200.
🛑 Short-term, the bias is cautiously bearish. Bulls need to reclaim lost ground before things turn positive again.