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

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

Despite the current market volatility, the selective tokens are showcasing strong resilience and hinting at a potential for a robust recovery.

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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

PancakeSwap Price AnalysisSource- 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

TradingView ChartSource- 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?

Immutable Price AnalysisSource- 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.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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