A popular crypto analyst thinks one decentralized exchange (DEX) altcoin is primed for a breakout.
The pseudonymous analyst Kaleo tells his 634,800 followers on the social media platform X that he’s “still a believer” in PancakeSwap (CAKE), the top DEX on the BNB chain.
He thinks the decentralized finance (DeFi) altcoin looks good against Bitcoin (BTC).
“I think the bottom is in for its BTC pair and we see a break out of this downtrend it’s been stuck in the past several years as soon as BNB is pushing new highs.”
Kaleo also believes CAKE is due for a leg up against the dollar based on a pattern that’s been repeated since November 2023.
“Every leg up in its current range was proceeded by an aggressive wick to the downside.
Don’t see why this time will be any different.”
CAKE is trading at $2.72 at time of writing. The 125th-ranked crypto asset by market cap is down more than 2% in the past 24 hours, more than 29% in the past week and nearly 34% in the past month.
Kaleo also believes BNB is “playing out perfectly” and is due to “giga send soon.”
BNB is trading at $536.99 at time of writing. The fourth-ranked crypto asset by market cap is down more than 3% in the past 24 hours.
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