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.
