This round of PEPE's market movement is like the coin is saying "Don't forget I'm still here," with the price soaring directly upward, then gradually pulling back. The entire process is both fierce and swift, not blindly pulling—after the surge, the correction also follows a natural rhythm, without panic selling.

The current position is quite interesting, with the price repeatedly hovering around the moving averages, as if nothing has happened, slowly digesting. Usually, a top doesn't form directly at this kind of place; it more resembles the market making a decision: whether to continue upward or to pause.

As long as it can hold this range, PEPE still holds the narrative power. Once a solid breakout occurs, the situation needs to be reassessed, and follow the trend.

For futures trading, there's actually no need to overthink: if the price can hold, or if the structure can be cleanly recovered, going long is reasonable; but if the structure breaks directly, don't force it—admit mistakes and exit promptly—that's the right move.