Just one hour before the deadline of the Spanish summer transfer window (24:00 CEST), Caicedo completed a loan move to freshly promoted Levante UD for the 2010–11 season. This revitalized his career, where by December 2010, he had contributed seven goals in 12 appearances; included in these seven goals was a brace scored against Racing de Santander on 21 November 2010. Along with a Christian Stuani strike, Levante went on to win 3–1, picking themselves out of the relegation zone after a miserable four-match losing streak.