$PEPE

PEPE is approaching extension - Futures market signals indicate further rise

PEPE is optimistically approaching the $0.00001400 barrier this Thursday.

Two daily golden cross formations enhance the bullish momentum.

As the market capitalization of altcoins rises, the popularity of meme tokens like PEPE increases, raising the altcoin season index.

After breaking the falling wedge pattern that achieved the target above $0.00001400 the previous day, PEPE is hovering around $0.00001364 on Thursday.

After Bitcoin's (BTC) price reached an all-time high of $123,218 on Monday, traders sought to diversify their portfolios, increasing demand for altcoins. The meme coin saw a 22% increase in the previous week and 5% in 24 hours.

A healthy futures market may help PEPE continue to rise.

Since July 2, when PEPE's open interest (OI) fell to $455 million, interest has remained high. According to CoinGlass statistics, open interest, which represents all unsettled futures and options contracts, is rising to $685 million.

After a 34% increase in derivative trading volume to around $5 billion, market activity and trader confidence in PEPE and its ecosystem have increased. This indicates that traders are betting on a recovery of PEPE's price above $0.00001400 soon.