A well-known crypto analyst believes that a decentralized exchange altcoin is ready for a significant breakthrough. Going by the name Kaleo, the analyst shares his positive sentiments about PancakeSwap (CAKE), the leading DEX on the BNB chain, with his large following of 634,800 users on the social media platform X. Kaleo expresses his continued faith in the decentralized finance altcoin, particularly in its performance against Bitcoin. He believes that the altcoin has reached its lowest point in relation to Bitcoin and expects it to break out of its downward trend that has persisted for several years, especially as BNB reaches new highs.
Furthermore, Kaleo predicts that CAKE is poised for a surge in value against the dollar, based on a pattern that has been repeating since November 2023. He notes that each upward movement in the altcoin’s current range has been preceded by a sharp drop in price. He sees no reason why this time would be any different.
As of writing, CAKE is trading at $2.72. The altcoin currently holds the 125th position in terms of market capitalization and has experienced a decline of over 2% in the past 24 hours, more than 29% in the past week, and nearly 34% in the past month.
Kaleo also expresses his positive outlook on BNB, stating that it is performing exactly as he anticipated and is expected to make significant gains in the near future.
At present, BNB is trading at $536.99. As the fourth-ranked cryptocurrency in terms of market capitalization, it has experienced a decline of over 3% in the past 24 hours.
It is important to note that the views expressed by Kaleo are his personal opinions and should not be taken as investment advice. Investors should conduct thorough research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. All transfers and trades are done at one’s own risk, and any losses incurred are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it provide investment advice.
