Pepe Price Prediction as Futures Open Interest Surges

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.

Pepe price soared on Monday as demand for meme coins surged. The token’s price rose by more than 13% in 24 hours, making it one of the best-performing cryptocurrencies in the market.

Pepe’s 24-hour trading volume also jumped to more than $2.23 billion, according to CoinGecko. This is higher than the combined 24-hour volume of Dogecoin, Shiba Inu, Dogwifhat, Bonk, and Floki.

Moreover, Pepe’s demand also surged in the futures market. According to CoinGlass, the open interest in Pepe futures soared to $167 million, reaching its highest level since September 30. This is also significantly higher than the lowest point of $111.2 million recorded earlier this month.

In the crypto industry, futures open interest is a key metric that indicates the level of demand.

Meanwhile, data showed that the Pepe token’s surge led to a wave of liquidations. According to the data, short trades liquidated on Monday amounted to more than $1.8 million, marking the highest level since October 8.

Traders are optimistic about Pepe’s future price performance. In an X post, an analyst with more than 54.9k followers, who goes by the name Max, predicted that the token was about to fly.

He anticipates that the new bull run, if it materializes, will propel Pepe’s market capitalization to $50 billion. If this occurs, it would entail a 1,036% increase in Pepe's value from its current levels.

$Pepe is getting ready to fly.

Did you pack your bag, did you fade the King Frog?

50B is written in the stars. pic.twitter.com/nlNT7CEfOE

A 1,036% surge is substantial, but Pepe has achieved it before, surging by more than 1,810% from its lowest point in January to its peak this year. Since Binance delisted Reef Finance token in August, it has soared by over 1,200%.

Another crypto analyst with more than 20k followers predicted that the coin was about to begin a new bullish wave now that it had created a symmetrical triangle pattern on the daily chart.

$PEPE When a symmetrical triangle breakout occurs, expect a massive bullish wave?#PEPE #PEPEUSDT #Crypto pic.twitter.com/C0oj3mFNSp

Pepe price prediction

The PEPE token has experienced a strong rally over the past several weeks, as indicated on the daily chart. It has crossed above the 50-day and 200-day moving averages, which currently signals that bulls are in control.

Pepe has also moved marginally above the 50% Fibonacci Retracement point and is attempting to cross the lower side of the Andrew’s Pitchfork tool.

Furthermore, it has formed a symmetrical triangle pattern, which has a long way to go before reaching its confluence level. As a result, Pepe will probably continue to rise as buyers aim for the key resistance at $0.00001195, which was its highest swing on September 29.

The alternative scenario is where it pares back some of these gains and retests the 200-day moving average at $0.0000084.

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