Crypto Market Sees Biggest Gainers of Week: CAKE, EGLD, IMX Price Analysis


Entering November, the cryptocurrency market is grappling with uncertainty as short-term traders seem to be taking profits from the ‘Uptober rally’. The Bitcoin price has been unable to cross the $36,000 threshold, leaving many altcoins in a state of consolidation or mild retraction. However, a few digital assets have done exceptionally well, registering notable growth over the past week and positioning themselves for potential upticks if the market regains its bullish momentum.

PancakeSwap Price Analysis: Key Resistance Breakout Sets Further Rally
Source- Tradingview

The PancakeSwap token price has been performing strongly in early November. Starting the month at $1.214, the token has surged by 77% in the last five days and is now valued at $2.15. This upswing has seen it break multiple key resistance levels at $1.33, $1.65, and most recently $1.937. Nonetheless, analysts suggest that such rapid rises may not be sustainable without significant backing from new developments. Therefore, conservative traders may prefer to wait for a retracement to confirm the token’s stability at these higher prices.

According to the Fibonacci retracement tool, the possible dips could be cushioned around the $2 mark, aligned with the 23.6% FIB, or at $1.84, with 38.2% FIB.

MultiversX Price Analysis: Bullish Pattern Sets a Recovery to $70
Source- Tradingview

The MultiversX coin price has been in a steady downtrend over the past six months due to the falling wedge pattern. The coin price has been rejected multiple times from the pattern’s overhead trendline, highlighting the sellers’ dominance over the buyers. However, today, the coin saw significant inflows and breached the overhead trendline. This breakout signifies a shift in market sentiment, indicating the start of a new bullish phase. Currently, the EGLD is trying to surpass the psychological barrier of $1.5. A close below this mark could lead to a minor retracement but the pattern indicates a bullish target of $64.22, with subsequent goals of $64 and $70 if the uptrend continues.

Immutable Price Analysis: Can Buyers Reclaim $1 Mark?
Source- Tradingview

The Immutable coin price has seen considerable recovery since late October, rising from $0.503 to the current trading value of $0.96. This surge coincided with the double-bottom reversal pattern reaching completion, with buyers breaking out from the $0.75 neckline. Under the influence of this pattern, the prices are likely to reach $1.09, providing a potential gain of 14%. If the buyers can show sustainability above the psychological level of $1, the extended recovery curve could reach $1.248 and $1.58.

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