Pepe tokens have performed remarkably well over the past week. Entering early 2026, PEPE's price surged over 60%, far surpassing many mainstream coins in the top 50 by market cap. The peak was reached last Sunday, touching $0.00000725, but then it pulled back slightly and is currently hovering around $0.00000676.

The overall sentiment for meme coin series has also been heating up. Dogecoin and Shiba Inu have increased by 17% and 15%, respectively, but still lag behind Pepe's gains.

Interestingly, from a technical perspective, this rally may hide a turning point. Some crypto market analysts have pointed out that PEPE is approaching a key technical pattern—the neckline of a head and shoulders top.

The head and shoulders top is a classic chart pattern composed of three consecutive peaks. The peaks on both sides are roughly equal in height, called the "left shoulder" and "right shoulder," while the highest peak in the middle is the "head." This pattern also has a crucial reference line called the neckline, which runs horizontally through the lows between the shoulders. When the price breaks below the neckline, it often indicates increased selling pressure and may lead to further decline.

From a technical standpoint, once Pepe effectively breaks below this neckline, it could confirm the completion of the head and shoulders top pattern, triggering a new round of downward adjustment pressure. This is a risk signal that investors chasing the high should pay close attention to.