PEPE's recent trend has fallen into a delicate situation. Although the upward momentum is strong, from a technical perspective, the distance between the price and the moving averages has become quite unhealthy. The chart often shows long upper shadows, and trading volume continues to shrink. This combination points to a single signal—the bullish momentum is running out.

The behavior of large investors at this stage is also quite interesting. The fluctuations are significant, but there's a lack of clear direction, as if waiting for a window of opportunity. Based on experience, this is usually a precursor to distribution of chips.

From a trading perspective, there are several points worth noting. First, the current resistance zone at high levels is a sensitive area, often a good time for bears to set up. Second, even with just 20x leverage, as long as you can accurately handle about 1% retracement, your account can achieve around 20% returns—provided strict risk management is in place.

Regarding downside risks, the first support is near the moving averages. If this line is broken, the price may enter a zone with relatively low liquidity.

The most psychologically challenging point is actually making rational judgments when market enthusiasm is at its peak. Sticking to well-set stop-losses and not leaving room for emotions is the correct approach in such market conditions. Seizing high-probability structural opportunities is much smarter than blindly chasing the rally.