Market & Ticker: Fetch.ai – PAX/USDT
Date: 30/08/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
The PAX Token is a Gold stable coin allowing to invest on a crypto asset backed by GOLD. On the current level GOLD is consolidating the last recent upside trend which can be defined as an upside swing within a long-term range pattern (See chart GOLD : XAU/USD attached).
As long as the neutrality area remains valid the PAX will progress in a consolidation mode, a test at 1860 could occur, and only a break above 1960 would confirm a new bullish momemtum to retest the previous top.
The investor focusing on PAX on long to short term basis will focus on 1860 area to keep the long-term bullish dynamic valid or to enter in an oversold area but not before.
Technical Key Elements:
- Auto similar move potential shows target at 1860
- RSI indicator is at 50% - mixed
- The Moving average are still resistance
- Fibonacci key support is adjusted at 1860 while the Elliot wave shows resistance at 1960
Trade Idea conclusion: Opportunity if 1860 is reached only – or if 1960 surpassed
Target 1: 1960
Buy: add in dip area 1860
Stop: 1840 (Daily close)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
Chart XAU/USD = GOLD: Daily Basis (Candle Stick) - Logarithmic - EQUIVALENT LEVEL FOR GOLD (XAU/USD : FOREX)
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
