Price Action
In the week prior, the price for Paxos Standard went up by 0.16%. It is above its 20 day moving average by 0.18%, which is quite close. Paxos Standard’s bullish momentum, determined by its distance from its 20 day moving average, is pretty far negative compared to the other coins we’re covering, and thus may be due for a correction upwards or some kind of a period of low volatility. Now when considering volatility, Paxos Standard is more prone to sizable price moves than 2% of coins in our index, so this coin might not move much — something traders and investors will certainly want to keep in mind. Based on volatility over the past three weeks, we can expect Paxos Standard to experience a price range in US dollars between 0.9861056 and $1.010284.
Where to trade Paxos Standard (symbol: PAX): Gate, Yobit, Binance, DDEX, Ethfinex
Volume Update
Over the past week, Paxos Standard Token saw its daily volume range between 145,467.4 and 2,570,967 units of its own currency. In the three weeks prior, volume has steadily declined, but the trend in price is not as clear one way or the other. The past 7 days saw Paxos Standard Token’s trading turnover — meaning the percentage of its available supply that was traded — come in at 0.6%. Its turnover rate is more than approximately 21.05% of the cryptocurrencies in our index, so it’s below average, and so there may be some risk that traders/investors have difficulty in getting in and out of positions.
Engagement Update
The number of wallets holding Paxos Standard went from 10,917 to 12,431 in the past week, marking a change of 13.87%. In terms of blockchain-recorded transactions made by these wallets since their inception, that number changed from 95,410 to 103,692, which translates to growth of 8.68% for the week. Paxos Standard’s combined growth rate — meaning the sum of its growth rate in holders and transactions — is 22.55% which puts it ahead of 94.44% of the coins in our index. This could indicate that the coin may be on track to getting and sustaining actual usage.
Technology Development Status
At the moment, Paxos Standard Token has 30 repositories open to the public on GitHub, with the oldest one now being 2.46 years young. Its last public update to any of its repositories was more than a week ago which is potentially concerning; more than a week without an update may suggest development is too slow. Paxos Standard Token’s public repositories collectively have a total of 66 watchers, which is below average relative to its peers; that’s more than only 27 % of the 100 similar coins in our index. The coin has 4 outstanding issues in the backlog awaiting to be addressed by the core development team. In comparison to the number of watchers it has, though, its open issues count seems to be in good shape. To elaborate: the ratio of open issues to developers who are watching Paxos Standard Token’s GitHub repos is more favorable than 68% of similar coins in our index.
Where to Buy
You can trade Paxos Standard, listed under the symbol PAX, through the following exchanges: Gate, Yobit, Binance, DDEX, Ethfinex.
Article by SixJupiter
