ConstitutionDAO (PEOPLEUSDC) Market Overview: 24-Hour Technical Summary

• ConstitutionDAO/PEOPLEUSDC drifted lower on the final 15-minute candle with bearish momentum resuming.
• Price action formed a bearish engulfing pattern near 0.01892–0.01896, reinforcing a short-term downside bias.
• Volatility expanded in the early hours, but volume failed to confirm strength on either side of the move.
• RSI and MACD suggest weakening bullish momentum and a potential oversold scenario in the near term.
• Bollinger Bands show a reversion to the mean, with price nearing the lower band but lacking clear breakout conditions.

Market Overview
ConstitutionDAO’s PEOPLEUSDC pair opened at 0.01861 (12:00 ET − 1) and traded between 0.01861 and 0.01911 over the past 24 hours, closing at 0.01903 (12:00 ET). Total volume reached 7,805,137.1, and notional turnover totaled approximately $144,500.

Price activity showed a moderate bearish drift, with a key bearish engulfing pattern developing just above the 0.0189 level. This pattern, combined with a declining MACD histogram and a RSI reading near 35, suggests waning bullish conviction.

Structure & Formations
Price action over the last 24 hours displayed a range-bound profile with a bearish bias. A bearish engulfing pattern formed between 0.01892 and 0.01896, suggesting a rejection of higher prices and reinforcing the downside. A key support level appears to have formed at 0.0188–0.0189, where price has tested multiple times without breaking through with conviction.

Moving Averages
On the 15-minute chart, the 20-period and 50-period SMAs are in a moderate bearish alignment, with price currently above both but showing signs of retesting the 20SMA. Daily moving averages (50, 100, and 200) remain neutral, with no clear alignment of trend direction yet.

MACD & RSI
The MACD line has crossed below the signal line, forming a bearish crossover, and the histogram is flattening, indicating decreasing bearish momentum. RSI remains in neutral to slightly oversold territory, suggesting a potential bounce could be imminent but not necessarily a reversal.

Bollinger Bands
Price spent much of the session near the lower Bollinger Band, indicating a low-volatility environment with potential for reversion. A mild contraction in band width was observed early in the session, suggesting a possible breakout in the near future.

Volume & Turnover
Volume spiked in the early morning and mid-day hours, especially between 01:00 and 03:00 ET, but failed to confirm a directional move on either side. A divergence between volume and price was noted in the latter half of the session, as prices drifted lower without a proportional rise in volume, suggesting weak conviction in the current bearish trend.

Fibonacci Retracements
Applying Fibonacci levels to the recent 15-minute swing from 0.01861 to 0.01911 shows key retracement levels at 0.01893 (38.2%) and 0.01885 (61.8%). Price has tested both levels multiple times, suggesting they could act as temporary turning points. On the daily chart, retracement levels from the previous week’s high suggest 0.0187–0.0188 as a possible near-term floor.

Forward Outlook & Risk Caveat
Looking ahead, the next 24 hours may bring a test of the 0.0188–0.0189 support zone, with a break below this level potentially opening the door to a retest of 0.0186. Traders should watch for a confirmation of the bearish engulfing pattern and volume action to assess the strength of the move. A sudden increase in volatility or a surprise break above 0.01907 could signal a shift in sentiment.