PEPE ready to extend the rally—the futures market indicates more upside

Pepe is bullishly approaching the barrier of $0.00001400 on Thursday.

Two daily Golden Cross formations are boosting the bullish momentum.

With the market capitalization of altcoins increasing, meme tokens like PEPE are gaining popularity, raising the Altcoin Season Index.

After a breakout from a descending wedge pattern that hit the target just above $0.00001400 the day before, Pepe (PEPE) is stabilizing around $0.00001364 on Thursday.

After Bitcoin (BTC) reached new all-time highs of $123,218 on Monday, traders sought to diversify their portfolios, boosting demand for altcoins. The meme coin has gained 22% in the previous week and 5% in 24 hours.

A healthy futures market could help Pepe continue its ascent.

Since July 2, when Pepe's Open Interest (OI) in futures plummeted to $455 million, interest has remained high. The Open Interest, which represents all outstanding futures and options contracts, is rising to $685 million, according to CoinGlass statistics.

Following a 34% increase in derivatives trading volume to approximately $5 billion, market activity and trader confidence in PEPE and its ecosystem have increased. This suggests that traders are betting that Pepe's price will recover above $0.00001400 soon.

During the past two weeks, the Altcoin Season Index has slowly increased from 12 on June 22 to 41 now.

Pepe's price is above all major moving averages, including the 50-day EMA at $0.00001112, the 200-day EMA at $0.00001101, and the 100-day EMA at $0.00001089.

Two Golden Cross formations are raising bullish optimism, starting with the 50-day EMA crossing above the 100-day EMA on Sunday and the same EMA crossing above the 200-day EMA on Wednesday.

Due to the Golden Cross patterns and the RSI rising to 71.