Pepe Drops 12% Amid Middle East Tensions – Why Major Investors Remain Calm

As Iran retaliates against Israel’s aggression, tensions in the Middle East are sending shockwaves through meme coin markets, significantly impacting the price of PEPE.

The latest scare stems from the Iranian regime’s response to 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, causing global markets to tumble.

Imagine trying to hedge against war by selling #Bitcoin to buy paper gold that you can’t move anywhere in the event of actual war. https://t.co/KX6WDaBJiM

— Samson Mow (@Excellion) October 2, 2024

This panic in global markets triggered a substantial $4,000 drop in Bitcoin’s price, wiping out as much as $1 billion in open interest.

Some have alleged that this FUD-fueled move was manipulated by market makers seeking to punish an overleveraged “Uptober” market.

However, the impact is amplified in the meme coin sector, which exhibits greater volatility than “blue-chip” coins such as BTC (a double-edged sword).

How Is Pepe (PEPE) Price Holding Up Against Rising Middle East Tensions?

As Pepe struggles against an emerging rounded-top pattern on the hourly chart, PEPE is currently trading at a market price of $0.00000987, representing a 24-hour change of +2.04%.

(PEPEUSDT)

This comes amid surprisingly resilient price action, with PEPE defending support above the 20-day moving average (20DMA) at $0.00000938, despite the significant 12% drop fueled by Middle East tensions.

With the 200-day moving average (200DMA) continuing its ascent, further bullish confirmation comes from the Relative Strength Index (RSI), which has cooled to a favorable signal at 58.45, and the Moving Average Convergence Divergence (MACD), which shows a positive divergence at 0.0000007.

Beyond this, the PEPE price remains within a bullish pendant pattern, which bodes well for a return to upside movements when Bitcoin rebounds.

Why Major Players Aren’t Panicking – Just Yet

Despite widespread FUD across the crypto community on social media, major players are not panicking just yet, with overall confidence remaining surprisingly resilient as Bitcoin continues to trade above $61,000.

At the heart of this resilience is the same reason markets were bullish in the first place:

It has been 165 days since the last halving event on April 20th, with Bitcoin miners under significant pressure due to slashed rewards and increased difficulty.

Furthermore, contrary to the rapid sell-off, Bitcoin has a long-established reputation as a safe-haven asset, offering self-sovereignty and a portable monetary-policy-free asset in your pocket.

Yet, there is also a broader feeling that the Middle East tensions are overblown, not least because both Iran and Israel lack the ability to project force in an expeditionary capacity over 1,000 miles away.

With that in mind, now is the perfect time for sidelined traders to take positions in high-growth potential assets that could power up 100x returns for your portfolio in 2024.

Pepe Unchained Is Analyst’s Pick For The Best Meme Coin To Buy In The Uptober Dip

As we look ahead to a recovery into Uptober, one of the most promising projects emerging in the summer market is Pepe Unchained.

But this project is so much more than a classic frog meme – this is about redoing the now legendary Pepe – but correctly.

What is the problem with Pepe? The answer is simple: in an age of high-octane Solana markets, Ethereum is the old chain – it’s slow, it’s expensive, it’s clunky – it’s not cool.

Biggest Brain in the Game pic.twitter.com/0XtVb3CnfB

— Pepe Unchained (@pepe_unchained) October 1, 2024

Yet, with PEPE originally launching as an ERC-20 token, this has stifled the development of a true PEPE ecosystem.

Luckily, PEPU is here to change the game – with the launch of a high-speed, low-cost layer-2 network bespoke-made for meme coin developers to expand on the original token.

Furthermore, as part of this layer-2 ecosystem, Pepe Unchained will be launching its own decentralized exchange (DEX), block explorer, cross-chain bridge, and a huge new development fund offering builder’s grants (Frens with Benefits).

In this light, PEPU can be seen as PEPE 2.0 – the same original coin – but better.

So don’t miss out on this near $17 million+ skyrocketing presale.

Buy PEPU Here

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