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The positive trend in Bitcoin price is bringing smiles to the faces of most altcoin investors. But what is the current situation? CAKE, EGLD, and IMX Coin investors achieved the highest gains this week. With increased capital inflows into altcoins, rallies are easily triggered due to low volumes and weakened order books. Will these rallies continue?
CAKE Coin Reviews
As we entered November, cryptocurrency investors were quite hopeful. We saw the king cryptocurrency test $36,000 as we transitioned from the Uptober rally to November. Although there was a slight pullback, the fact that BTC reclaimed $35,000 increased risk appetite for altcoins. PancakeSwap (CAKE) was one of them and had a good start to November. The price showed a 77% increase on a weekly basis.
Reaching $2.15, the altcoin broke through the crucial resistance levels of $1.65 and $1.93. However, technical analysts believe that sustaining such rapid rises without significant support from new developments is difficult. Indeed, we have seen this clearly in Mina Coin and many other altcoins.
The second option is for strong gains to continue on the BTC front to support the rise of these altcoins. Current data suggests that in a possible pullback scenario, the price of CAKE Coin could drop to $2 and $1.84.
EGLD Coin Reviews
Over the past six months, MultiversX price has been losing in a descending wedge. EGLD Coin, after many unsuccessful attempts to regain the overall trend line, finally succeeded in its latest attempt. The price increase of 42% indicates a new wave of upward movement.
The target of the rally will be $64.22 and $70. It is important for the BTC price to maintain $35,000 in the ongoing process.
IMX Coin Chart Reviews
Immutable coin price has experienced a significant recovery since the end of October. The rally, starting from $0.503, has almost doubled the price. Although it has dropped to $0.9 at the time of writing, the possibility of surpassing the $1 threshold is not eliminated. The local peak is at $0.96.
This rally was made possible by buyers breaking the $0.75 neckline decisively. If the psychological support level of $1 can be maintained, levels of $1.248 and $1.58 can also be surpassed.
