Highest Crypto Gainers of the Week; CAKE, EGLD, IMX Price Analysis

Entering November, the cryptocurrency market grapples with a surge of uncertainty as short-term traders appear to be booking profit from the ‘Uptober rally’. Moreover, the Bitcoin price struggle to breach the $36,000 threshold has left many altcoins in a state of consolidation or mild retraction. Despite this, a handful of digital assets have excelled, demonstrating remarkable growth over the past week and positioning themselves favorably for potential upticks if the market regains its bullish momentum.

Also Read: Big Development On Bitcoin Price Chart , Will ETH, XRP, ADA, SOL Follow?

PancakeSwap Price Analysis: Key Resistance Breakout Set Further Rally

Source- Tradingview

The PancakeSwap token price has been the star performer of early November. Commencing the month at a modest $1.214, the token has soared by 77% within the last five days, now valued at $2.15. 

This upswing has led it to shatter several critical resistance levels at $1.33, $1.65, and most recently $1.937. Nonetheless, technical analysts caution that such rapid ascents are rarely sustainable without substantive backing from new developments. Therefore, conservative traders might prefer to await a retracement for confirmation of the token’s sustainability at these higher prices. 

According to 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

Over the past six months, the MultiversX coin price has traveled a steady downtrend under the influence of a falling wedge pattern. The coin price has faced multiple rejections from the pattern’s overhead trendline reflecting the dominant nature of sellers over buyers. However, today, the coin witnessed a significant inflow recording a 42% single-day surge and breaching the overhead trendline. 

This breakout signals a shift in market sentiment, potentially heralding the start of a new bullish phase. At present, the EGLD struggles to surpass the psychological barrier of $1.5.

A close below this mark could presage a minor retracement, yet the pattern suggests a bullish target near $64.22, with subsequent goals at $64 and $70 if the uptrend persists

Immutable Price Analysis: Can Buyers Reclaim $1 Mark?

Source- Tradingview

The Immutable coin price has undergone a considerable recovery since late October. Starting from $0.503, it has experienced a 90% rally and reached the current trading value of $0.96. This surge coincided with the completion of a double-bottom reversal pattern as buyers gave a decisive breakout from the $0.75 neckline breakout.

Under the influence of this reverse pattern, the prices are likely to reach the $1.09 mark, accounting for a potential gain of 14%.  If the buyers show sustainability above the psychological level of $1, the extended recovery curve could hit $1.248, followed by $1.58.