Pepe Crashes 12% with Rising Middle East Tensions – Why Big Players Aren’t Panicking Just Yet
Sam is a financial journalist with a focus on cryptocurrency market news, based in London. With a Master’s Degree in Development Management from the London School of Economics, Sam’s passion for...
As Iran hits back at Israel’s aggression, Middle East tensions are sending a shockwave through meme coin markets, notably impacting the price of PEPE.
At the heart of the latest scare is a retaliatory move by the Iranian regime for the killing of Hezbollah Leader Hassan Nasrallah at his underground headquarters in Beirut.
Last night, the Iranian military launched more than 180 missiles into Israel and Palestine, sending global markets into a tailspin.
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This panicked global markets, triggering a substantial $4,000 drop in Bitcoin’s price, knocking as much as $1bn off open interest.
Some have alleged that the FUD-fuelled move was manipulated by market makers seeking to punish an overleveraged ‘Uptober’ market.
But the picture is amplified, as ever, in the meme coin sector, which enjoys greater volatility than ‘blue chip’ coins such as BTC (evidently a double-edged sword).
As Pepe struggles against an emerging rounded-top pattern on the hourly, PEPE is currently trading at a market price of $0.00000987 (representing a 24-hour change of +2.04%).
(PEPEUSDT)
This comes amid a surprisingly resilient price action, with PEPE defending support above the 20DMA at $0.00000938 despite the huge -12% drop fuelled by Middle East tensions.
With the 200DMA continuing its ascendance, further bullish confirmation comes from the RSI, which has cooled to a good signal at 58.45, and the MACD has a positive
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