ConstitutionDAO/Tether (PEOPLEUSDT) 24-Hour Market Overview

• Price fell sharply overnight into early morning ET, posting a 9.5% 24-hour decline.
• Momentum indicators like RSI and MACD show bearish divergence and weak recovery.
• Volume spiked during the downward move but faded as the price stabilized.
• Bollinger Bands expanded significantly, reflecting heightened volatility.
• A bearish engulfing pattern emerged near the high, signaling potential continued downward bias.

Market Snapshot

ConstitutionDAO/Tether (PEOPLEUSDT) opened at 0.02011 on 2025-09-21 12:00 ET and closed at 0.01750 by 2025-09-22 12:00 ET. The pair reached an intraday high of 0.0202 and a low of 0.01713. Total volume for the 24-hour window was approximately 162,122,559.3 USDT, with a notional turnover of roughly $3,249,395 (based on closing prices).

Structure & Formations

The price formed a bearish engulfing pattern during the early morning ET session, following a brief attempt at a recovery. This is a key reversal formation, suggesting short-term bearish pressure. Additionally, a doji candle appeared around 0.01988 at 00:00 ET, indicating indecision after the sharp fall. Key support levels include 0.0175 (current close), 0.01725, and 0.01713 (intraday low). Resistance is found at 0.01885 and 0.0196.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both below the current price, indicating bearish bias. On the daily chart, the 50-, 100-, and 200-period moving averages are all aligned in a downtrend, reinforcing the bearish setup. The price appears to be trading below all three, which may suggest a continuation of the downtrend in the near term.

MACD & RSI

The RSI has dipped below 30, entering oversold territory, which could indicate a potential short-term bounce. However, the MACD is negative and has just crossed below the signal line, forming a bearish crossover. This divergence between the RSI and MACD suggests that while oversold conditions may lead to a pullback, the underlying momentum remains bearish. Traders should watch for a sustained RSI move above 50 to confirm a reversal.

Bollinger Bands

Bollinger Bands have expanded significantly in the early morning session, with the price trading near the lower band for much of the day. This expansion reflects increased volatility and a high probability of a consolidation phase ahead. If the price remains within the bands without a breakout, traders may expect a sideways or range-bound pattern over the next 24 hours.

Volume & Turnover

Volume spiked during the early morning hours as the price dropped from 0.0196 to 0.01713, confirming the bearish breakdown. However, volume has since tailed off, suggesting reduced conviction in the move lower. Turnover closely mirrored the volume pattern, peaking around 06:15 ET. The divergence in volume and price action during the morning ET session may hint at a potential near-term reversal or consolidation.

Fibonacci Retracements

Applying Fibonacci levels to the recent swing high at 0.0202 and low at 0.01713, the price is currently trading near the 61.8% retracement level at 0.01868. A breakdown below this level could target 0.0175 (38.2%), while a reversal above it may test 0.0193 (50%). These levels can serve as short-term decision points for traders.

Backtest Hypothesis

A potential backtesting strategy could involve a mean-reversion approach triggered by RSI entering oversold territory below 30 and MACD crossing below the signal line. Entry could be placed on a pullback above the 50-period EMA, with a stop below the most recent swing low and a take-profit at the 38.2% Fibonacci retracement level. This setup would aim to capture short-term bounces within a larger bearish trend while managing risk with clear stop-loss parameters.