Alright folks, let's talk PAXG. Some call it "safe gold," but this chart just showed us even gold can get spicy. Early on, we saw some tight consolidation, churning around the 4500-4520 mark. Then, BAM! A nice little burst upwards, clearing 4600 like it was nothing, even touching 4650. Classic accumulation then a breakout, right?
But hold your horses. That strong upward move completely reversed. From the high 4600s, it just started bleeding. Hard. Candles turning red, slicing through previous levels where you'd expect some support. It blew past 4500 again, then 4400, barely finding a breath until it hit the low 4300s, even dipping close to 4250.
The horizontal bars show significant liquidity pools being chewed through on that way down. What was support became resistance in a blink. This kind of action, especially for a gold-backed token, screams attention. Are we seeing a flush out before a new push, or a sign of deeper trouble? Watch those low 4300s closely. Could be a sweet spot for a bounce, or a trap if it breaks further. Extremely important to understand its dynamics.