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Pepe bullishly approaches $0.00001400 barrier on Thursday.
Two daily Golden Cross formations boost bullish momentum.
With altcoin market capitalization rising, meme tokens like PEPE gain popularity, raising the Altcoin Season Index.
After a falling wedge pattern breakout that achieved the goal just over $0.00001400 the day before, Pepe (PEPE) is stabilizing around $0.00001364 on Thursday.
After Bitcoin (BTC) reached fresh all-time highs of $123,218 on Monday, traders sought to diversify their portfolios, driving altcoin demand. The meme currency has gained 22% in the previous week and 5% in 24 hours.
A healthy futures market might help Pepe continue the rise.
Since July 2, when Pepe futures Open Interest (OI) plummeted to $455 million, interest has remained high. The Open Interest, which represents all unsettled futures and options contracts, is climbing to $685 million, according to CoinGlass statistics.
Following a 34% increase in derivatives trading volume to approximately $5 billion, market activity and trader trust in PEPE and its ecosystem increased. This suggests traders are betting on the Pepe price recovering over $0.00001400 soon.
Over the previous two weeks, the Altcoin Season Index has slowly increased from 12 on June 22 to 41 now.
Pepe price is above all important moving averages, including the 50-day EMA at $0.00001112, the 200-day at $0.00001101, and the 100-day at $0.00001089.
Two Golden Cross formations increase bullishness, beginning 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 rising RSI at 71, traders may increase exposure. A stable RSI indicates positive momentum.
