In the Face of Rising Middle Eastern Tensions, How Is the Pepe (PEPE) Price Doing?
The price of PEPE and other meme coins has taken a knock as a result of the recent spike in tensions in the Middle East, which have seen Iran respond aggressively to Israeli assault.
The current panic stems from the Iranian government's response to the assassination of Hassan Nasrallah, leader of Hezbollah, in his subterranean Beirut headquarters.
The Iranian military sent world markets into chaos last night as they fired 180 missiles at Israel and Palestine.
The result was a $4000 plunge in Bitcoin's price and a loss of interest of up to $1 billion as a result of market panic throughout the world.
Some have speculated that market makers were trying to penalize an overleveraged 'Uptober' market by manipulating the FUD-fueled move.
Meme currencies, however, continue to dominate the market and are more volatile than "blue chip" coins like Bitcoin, which is obviously a mixed blessing.
In the Face of Rising Middle Eastern Tensions, How Is the Pepe (PEPE) Price Doing?
Currently, PEPE is trading at $0.00000987, reflecting a 24-hour move of +2.04%, as it battles against a rising rounded-top pattern on the hourly chart.
In spite of the massive -12% decline driven by tensions in the Middle East, PEPE has remarkably maintained price support above the 20DMA at $0.00000938.
The RSI has cooled to a solid signal at 58.45 and the MACD has a positive divergence at 0.0000007, providing more bullish confirmation as the 200DMA continues its ascent.
After this, the PEPE price is still in a bullish pendant pattern, which means that when Bitcoin recovers, we can expect to see further upward swings.
