A well-known crypto analyst is confident that a decentralized exchange (DEX) altcoin is on the verge of a significant breakthrough. Kaleo, a pseudonymous analyst with a following of 634,800 on the social media platform X, asserts that he still believes in PancakeSwap (CAKE), the leading DEX on the BNB chain. He believes that this decentralized finance (DeFi) altcoin is showing promise against Bitcoin (BTC). Kaleo predicts that the bottom has been reached for the BTC pair, and a breakout from the downtrend that has persisted for several years will occur once BNB reaches new highs.

Kaleo also anticipates a surge in CAKE against the dollar, based on a pattern that has been observed since November 2023. According to him, every previous upward movement within its current range has been preceded by a sharp downward correction. He sees no reason why this time would be any different.

As of now, CAKE is trading at $2.72. This cryptocurrency holds the 125th position in terms of market capitalization and has experienced a decline of over 2% in the past 24 hours, over 29% in the past week, and nearly 34% in the past month.

Additionally, Kaleo is optimistic about the performance of BNB, stating that it is “playing out perfectly” and is primed for a significant surge in the near future. At present, BNB is trading at $536.99. This cryptocurrency holds the fourth position in terms of market capitalization and has seen a decline of over 3% in the past 24 hours.

In conclusion, it is important to note that the opinions expressed by Kaleo are not intended as investment advice. Investors should conduct their own research and analysis before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl, where this article is sourced from, does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor.