Amid the recovery of the altcoin market, the famous meme coin Pepe (PEPE) is back in the spotlight with exceptional performance, as it tests critical resistance barriers again while approaching the $0.00001400 level.
With it currently stabilizing around $0.00001364, a range of technical data and market data suggest that the current upward wave may just be the beginning.
The futures market is betting on more gains.
One of the strongest pieces of evidence for increasing confidence in the future of PEPE
comes from the derivatives market. An analysis of CoinGlass data reveals a clear story of optimism:
Open Interest: The volume of outstanding futures contracts has significantly increased from $455 million on July 2 to $685 million currently, reflecting a flow of new capital betting on price increases.
Trading Volume: The trading volume of derivatives has seen a huge jump of 34%, reaching nearly $5 billion, which confirms increased market activity and trader confidence in the PEPE ecosystem.
These combined numbers indicate that major market players are preparing to push PEPE past the $0.00001400 barrier in the near future.
Technical analysis paints a rosy picture.
Technically, the picture looks brighter. Strong technical signals, most notably the "Golden Cross" pattern, have reinforced the bullish momentum. This pattern has formed twice recently:
Last Sunday: the 50-day exponential moving average crossed above the 100-day moving average.
Last Wednesday: the 50-day exponential moving average crossed above the 200-day moving average.
These intersections are considered some of the strongest bullish signals in technical analysis. Furthermore, the price of PEPE is currently trading above all its major moving averages, providing strong support. With the Relative Strength Index (RSI) stabilizing at 71, buying momentum remains dominant, which may encourage more traders to enter.
The "Altcoin Season" climate supports the rise.
This outstanding individual performance comes in the context of a broader market witnessing a shift towards altcoins. After Bitcoin (BTC) reached new all-time highs, investors began looking for diverse investment opportunities, injecting significant liquidity into altcoins and meme tokens.
This is confirmed by the gradual rise in the "Altcoin Season Index," which has jumped from 12 points on June 22 to 41 points now, indicating that market appetite for risk and the search for higher returns is continuously increasing, which directly benefits coins like PEPE that have seen a 22% increase in one week.
In summary:
While nothing is guaranteed in the world of cryptocurrencies, the convergence of momentum in the futures market, strong bullish technical signals, and the overall positive climate of the altcoin market all favor the continuation of PEPE's upward journey.
Eyes are now on the coin's ability to break the $0.00001400 resistance and hold above it.