Pepe Coin Price Forecast as PEPE Overtakes Dogecoin in Trading Volumes After 30% Rally

Pepe Coin (PEPE) price is up by more than 30% in the last one month leading to today, November 10. Amid these gains, PEPE has now emerged the biggest meme coin by trading volumes, overtaking Dogecoin (DOGE).

Meanwhile, futures data shows a notable jump in open interest as speculative demand increases weeks after Canary Capital amended its filing for a PEPE ETF.

PEPE price trades at $0.0000052 at the time of writing with a slight 2% gain in 24 hours.

Pepe Flips Dogecoin in 24 Hour Trading Volumes

Data from CoinMarketCap shows that Pepe Coin had recorded $687 million in trading volumes at the time of writing. Dogecoin ranked second with $523 million in volumes, while TRUMP meme coin ranked third with $346 million.

CoinMarketCap also shows that PEPE ranks as the 11th most traded cryptocurrency right after Zcash (ZEC), which had $1.27 billion in volumes.

The rising volumes coincide with Pepe Coin price outperforming the broader crypto market in the last one month. The top meme coin has gained from $0.00000396 on October 10 to $0.00000527 at the time of writing, representing a 33% rally. The rally started after an amended PEPE ETF filing.

During the same period, Bitcoin price has dropped from $82,000 to $73,200 at the time of writing. The total crypto market cap has also dropped from $2.8 trillion to $2.4 trillion.

Rising volumes coincide with increased volatility. If the volumes remain high and are largely driven by buying volumes, the Pepe Coin price could extend its gains. However, profit-taking could drive an increase in selling pressure and push the meme coin lower.

Derivatives Market Analysis

Data from CoinGlass shows that the open interest for Pepe Coin has increased by 7.5% to $371 million at the time of writing. The gains coincide with a price increase and could also stem from new positions that traders are opening on the top meme coin.

The funding rate remains positive at 0.036%. This shows that long buyers are paying short sellers to keep their positions open as they bet on a bullish future Pepe Coin price forecast.

The Taker Buy/Sell ratio is also at 1.03. When this ratio is above 1, it is a bullish sign that shows there are more buy orders than sell orders.

The number of long accounts is also more than that of short accounts on both OKX and Gate, which further shows a bullish sentiment from traders.

However, the long accounts pose a risk to price because if they are liquidated, it might cause an increase in the selling pressure. At the time of writing, $1.16 million longs had been liquidated, slightly higher than the $1.05 million in short liquidations.

PEPE Price Prediction as Bulls Target $0.00000616

Pepe Coin price remains within an ascending parallel channel on the one-day chart as it makes a series of higher highs and higher lows.

The upper trendline of this channel is serving as resistance. If Pepe Coin price can break above this resistance, the price could move to the 123.6% Fib of $0.00000616. A sustained uptrend could also see the meme coin reach $0.0000069.

The RSI reading is at 63, and this suggests that the momentum is leaning bullish. This RSI also suggests that PEPE is in a healthy uptrend because it is still not flashing an oversold sign. This sign would only emerge if the RSI moves above 80.

The MACD line on the daily chart remains positive and it is also moving above the signal line, further confirming the bullish narrative.

If the uptrend weakens because of long liquidations and the weak sentiment across the broader crypto market, Pepe Coin price could drop to the support at $0.0000049.