PEPE has performed quite well these past two days, with nearly a 50% increase attracting a lot of attention. But from a technical perspective, risk signals are already flashing. On yesterday's hourly chart at 8 o'clock, the price surged and then formed a classic upper shadow candlestick pattern, which usually indicates that the bulls are facing resistance at higher levels. Interestingly, this time also coincides with the turning point of the funding rate from positive to negative — in other words, large market players are starting to reduce their long positions, with some closing or reversing their positions. This combination of technical pressure and a shift in funding sentiment often signals an upcoming short-term correction. For traders considering contrarian strategies, this level is indeed worth paying attention to. Of course, specific risk management and position control still depend on individual trading plans.