The PEPE price was one of the worst-hit altcoins in the weekend liquidation event, as the price plummeted more than 60% in a matter of minutes. This led to a cascade of liquidations as traders scrambled to save their positions. Now, though, with the liquidation event out of the way and the market looking to be bouncing back, things are beginning to look up for the PEPE price, which one analyst believes is primed for a monster rally from here.
PEPE Price Is Set To Soar
Crypto analyst MMBTtrader took to the TradingView website to share their view of what could be happening with the PEPE price. According to the analyst, the PEPE price decline was expected, but not as fast as it played out. Nevertheless, it plays into the bigger picture and the reset that the meme coin needed.
MMBTtrader explains that the path for the PEPE price is now clear as it is ready to rally. They point out that the red long candle that sent the altcoin spiraling could’ve been the result of market manipulation. This is a thought that many in the space share, especially with many altcoins basically crashing up to 80% in a single candle.
However, the crypto analyst believes that a move like this is only the precursor of something big that is coming for the market. With liquidations rising by over $19 billion on Friday, it marked the single largest liquidation event in the history of crypto, and many believe this is a needed reset for the market.
The crypto analyst explains that the move was indeed needed to hunt and kick out leverage traders, regardless of their positions. In the aftermath of it all, most long traders were affected, regardless of how high or how low their leverage was. Data from the Coinglass website shows that some crypto exchanges recorded up to 96% of all liquidations for that day being long traders.
Looking at the chart shared by the crypto analyst, the PEPE price has bounced back above major monthly support. This support sits at the $0.000005 level, and since bulls have so far held above it, it could be the take-off point for the next upward rally.
If this level holds, then there are multiple levels of interest for the PEPE price. The first stop in the bounce would be the $0.00001 level, where most of the resistance has lain over the last few months. Once broken, though, this would set the stage for the rally as it moves up rapidly.
The next stage of the rally would be the $0.000013 level as bears begin to put up a fight. By this level, though, the PEPE price would be almost 100% up. Then the next major level would be the $0.000016, the point to be broken.
If all of the resistances along the way are evenly surpassed, then the crypto analyst sees the PEPE price reaching new all-time highs. The target from here would be the $0.00003047 level, which the analyst refers to as the final goal, completing a 230% move.
Featured image from Dall.E, chart from TradingView.com
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