Market Overview: ConstitutionDAO/Tether USDt (PEOPLEUSDT) – 2025-09-06

• PEOPLEUSDT opened at $0.01844, reached $0.01927, and closed at $0.01884, showing moderate bullish momentum.
• The 24-hour volume surged to 54.155 million, with a turnover of ~$1.03 million, indicating increased market participation.
• RSI peaked near 60, suggesting balanced momentum, while MACD showed positive divergence after a bearish crossover.
• A key resistance formed near $0.01905, with price retesting this level multiple times during the session.
• Volatility expanded during the midday hours, with price oscillating between $0.0188 and $0.0192 before consolidating.

ConstitutionDAO/Tether USDt (PEOPLEUSDT) opened at $0.01844 on 2025-09-06 and closed the 24-hour session at $0.01884. The pair reached a high of $0.01927 and a low of $0.01839, with a total trading volume of 54.155 million and a notional turnover of approximately $1.03 million. The price action indicated moderate bullish bias, with key resistance and support levels defining the structure.

Structure & Formations

The 24-hour period saw a clear bullish bias after the initial bearish attempt to break below $0.01850. A strong bullish engulfing pattern formed around 03:45 ET, pushing price back above $0.01905. This level acted as a critical resistance, with multiple tests during the session. A notable bearish doji appeared at 04:45 ET, suggesting indecision after the rally. Key support levels include $0.01876 and $0.01862, both of which held on multiple occasions.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were bullish, with the 20-line crossing above the 50-line in the morning. This indicated a potential short-term uptrend. On the daily chart, the 50-period line was above both the 100 and 200-period lines, reinforcing a moderate bullish bias. Price closed above the 50-day MA, suggesting some accumulation.

MACD & RSI

The MACD turned positive in the afternoon and showed a bullish divergence with price during the consolidation phase. The histogram indicated growing momentum as the session progressed. RSI moved into overbought territory near 60 but did not exceed it, suggesting a balanced market. A potential oversold condition occurred around $0.01862, coinciding with a strong bounce.

Bollinger Bands

Volatility expanded during the midday hours, with price reaching the upper band at $0.01927. A contraction occurred during the evening, signaling potential consolidation. Price remained within the bands throughout the session, with no clear breakout. The upper band acted as a key resistance level, while the lower band supported price during pullbacks.

Volume & Turnover

Trading volume spiked during the midday rally, with the highest turnover occurring at $0.01899 to $0.01905. This confirmed the strength of the bullish move. However, a divergence appeared in the late evening, where volume declined despite a pullback in price. This could indicate weakening momentum. Notional turnover reached $1.03 million, up 10% from the previous 24 hours, suggesting increased interest.

Fibonacci Retracements

On the 15-minute chart, the $0.01895 and $0.01876 levels aligned with key Fibonacci retracement levels (61.8% and 38.2%), both of which acted as temporary supports. On the daily chart, the $0.01901 level coincided with the 61.8% retracement of a recent bullish move, reinforcing its importance. Price may find difficulty breaking above $0.01927 unless it clears this with strong volume.

Backtest Hypothesis

Based on the observed patterns and indicator behavior, a potential short-term trading strategy could involve entering long positions at the 38.2% Fibonacci retracement level after a pullback, with a stop loss below the 61.8% level. Given the MACD’s divergence and the volume confirmation around key levels, this approach aligns with the bullish momentum seen in the 15-minute timeframe. The strategy would aim to capture the expected bounce and follow-through rally before the next resistance at $0.01905.