Why Paxgusdt is currently dumping!

Why Paxgusdt is currently dumping!

Paxgusdt is a cryptocurrency that is pegged to the price of gold.

Currently the price of gold is falling due to geopolitical tensions in the middle east i.e. the impending retaliation of Iran for the murder of Ismail Haniyeh in Iran.
Israel is also fighting Hezbollah in Lebanon and trading cross border fire with Israel killing at least two people in an airstrike in southern Lebanon.
The weak US Nonfarm payrolls and high US unemployment rate has caused Paxgusdt which is pegged to the price of gold to edge lower.

On a side note Jim Cramer who is a favorite of contrarian traders posted 48 hours ago that Nasdaq futures dropping as if it's the end of the world; memo to all; it isnt.

Paxgusdt price on the 4 hour timeframe, 1 Day and 1 Week timeframe is very bearish. Therefore paxgusdt price could decline for the short term, currently on the 4 hour timeframe the price is below the cloud and is therefore very bearish.

On the 1 Day timeframe the conversion line has combined with the base line and there is a big red candlestick which is bearish and the lagging span has crossed price to the downside which is also a signal to exit long positions. The future cloud is currently green which is kinda bullish but the lagging span b could soon cross above the lagging span a and flip bearish if price closes below the cloud and price continues to decline.

On the downside price of paxgusdt on the 4 hour timeframe is very bearish since the price is below the cloud and is likely to be bearish for the next few days.