Renowned crypto analyst, Kaleo, is confident that PancakeSwap (CAKE), a decentralized exchange (DEX) altcoin, is poised for a significant breakthrough. With a strong belief in CAKE’s potential, Kaleo shares his conviction with his extensive following of 634,800 on the social media platform X. As the top DEX on the BNB chain, he sees CAKE as an attractive investment in comparison to Bitcoin (BTC).

Kaleo predicts that CAKE’s BTC pair has reached its lowest point and anticipates a breakout from the downtrend that has persisted for several years. He expects this to occur once BNB reaches new highs.

Furthermore, Kaleo suggests that CAKE is likely to experience a surge against the dollar, based on a consistent pattern observed since November 2023. Each upward movement within its current range has been preceded by a significant downward correction. Kaleo sees no reason why this time would be any different.

At the time of writing, CAKE is trading at $2.72. As the 125th-ranked crypto asset by market cap, it has witnessed a decline of over 2% in the past 24 hours, more than 29% in the past week, and nearly 34% in the past month.

In addition to his optimism for CAKE, Kaleo also expresses confidence in the trajectory of BNB, stating that it is “playing out perfectly” and is expected to experience a substantial increase in value soon.

Currently, BNB is trading at $536.99. As the fourth-ranked crypto asset by market cap, it has experienced a decrease of over 3% in the past 24 hours.

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