That peak up to 5,133.18 followed by a sharp drop is a classic movement that many traders call "liquidity hunting" or "stop hunt".
Basically, the price is driven up to trigger the stop orders of those who were short and to attract buyers in the euphoria, and soon after the price is brought down, liquidating the positions of those who just entered.
The large volume in the drop bar confirms that there was a lot of trading in this movement.
Now, the price seems to be holding above the 99-period moving average (the purple line), which may be acting as support.
Additionally, indicators like the RSI and StochRSI are at "oversold" levels (very low), which suggests that the selling strength has lost momentum, at least for now.
DYOR
PAXG
4,927.18
-2.89%