Crypto analyst Kaleo believes PancakeSwap (CAKE) is poised for a breakout. He sees the decentralized exchange (DEX) altcoin as undervalued against Bitcoin (BTC) and the US dollar.
Pattern Recognition
Kaleo notes a repeating pattern in CAKE’s price action since November 2023. Each upward leg has been preceded by a sharp downward wick. He believes this pattern will hold true again, leading to a breakout.
Technical Analysis
At the time of writing, CAKE is trading at $2.72. Despite recent declines, Kaleo is bullish on the altcoin’s prospects. He also believes that BNB, the native token of the Binance Smart Chain where CAKE operates, is poised for a significant rally.
Market Performance
CAKE has underperformed in recent weeks, declining by over 2% in the past 24 hours, 29% in the past week, and 34% in the past month. However, Kaleo’s analysis suggests that this trend may soon reverse.
Disclaimer
The views expressed by Kaleo are not investment advice. Investors should conduct their own research before making any high-risk investments in cryptocurrencies.
