PEPE's recent performance is indeed somewhat hard to read. As a leading meme coin on the Ethereum chain, this wave of price action has even outperformed many mainstream tokens, with steady gains that once made people think it was a true blue-chip asset. But looking carefully at the chart, problems are starting to emerge.

The 0.0072 level shows clear resistance, and the price has been oscillating repeatedly around 0.007 for some time, with trading volume gradually shrinking. What does this combination of high-level price attenuation with insufficient volume typically indicate?

Large capital is gradually converting their positions. While PEPE's narrative is indeed more compelling compared to other meme coins, at this height, whale profit-taking pressure is no small matter. Once major forces start to liquidate, combined with a potential pullback in the broader market, a short-term break below 0.006 or even lower is quite normal. From a technical perspective, the distribution signal from this wave is already very clear.

However, it must be acknowledged that current conditions still have some potential for reversal, but from a risk-reward perspective, shorting opportunities at high levels are more suitable than chasing upward momentum. If you truly decide to take action, adjust your mindset well and don't let floating losses affect your judgment — this is the easiest place to get liquidated when shorting at elevated levels.