Pepe price went parabolic in a high-volume environment on Monday as demand for meme coins surged. It soared by over 13% in the 24 hours, making it one of the best-performing tokens in the market. It has soared by over 82% from its lowest level in August, meaning that it is in a local bull market.
Pepe volume jumps
Pepe’s surge happened in a high-volume environment as Bitcoin and other altcoins soared. According to CoinGecko, its 24-hour volume rose to over $2.23 billion, higher than that of Dogecoin, Shiba Inu, Dogwifhat, Bonk, and Floki, combined.
Pepe’s demand also jumped in the futures market. According to CoinGlass, the open interest in the futures market soared to $167 million, its highest point since September 30th, and much higher than this month’s low of $111.2 million.
Futures open interest is an important metric in the crypto industry because it points to the demand picture.
Meanwhile, data shows that the Pepe token surge led to a wave of liquidations. Data shows that short trades worth over $1.8 million were liquidated on Monday, the highest figure since October 8.
Traders believe that Pepe has more upside going forward. In an X post, an analyst going by the name Max, who has over 54.9k followers, predicted that the token was about to fly.
He expects that the new bull run, if it materializes, will push its market cap to $50 billion. If this happens, it means that Pepe will jump by 1,036% from the current levels.
While a 1,036% surge is a big one, Pepe has done it before, since it surged by over 1,810% between its lowest point in January to its highest level this year. Reef Finance token has also soared by over 1,200% since Binance delisted it in August.
Another crypto analyst with over 20k users, predicted that the coin was about to start a new bullish wave now that it has formed a symmetrical triangle pattern on the daily chart.
Pepe price forecast
The daily chart shows that the PEPE token has staged a strong rally in the past few weeks. It has moved above the 50-day and 200-day moving averages, signaling that bulls are in control for now.
Pepe has also moved slightly above the 50% Fibonacci Retracement point, and is attempting to cross the lower side of the Andrew’s Pitchfork tool.
It has also formed a symmetrical triangle pattern, which has a long way to reach its confluence level. Therefore, Pepe will likely continue rising as buyers target the key resistance point at $0.00001195, its highest swing on Sept. 29.
The alternative scenario is where it pares back some of these gains and retests the 200-day moving average at $0.0000084.
Read more: Dogwifhat Price Prediction as Futures Open Interest Surges
