ConstitutionDAO/Tether Market Overview: PEOPLEUSDT 24-Hour Analysis

• ConstitutionDAO/Tether (PEOPLEUSDT) opened at $0.01584 and closed at $0.0121 after 24 hours, with a high of $0.01599 and a low of $0.01108.
• Price experienced a sharp selloff from $0.01599 to $0.01108, forming bearish divergence with volume in the first half.
• RSI and MACD signaled overbought conditions early, followed by a significant bearish crossover in the second half.
• Volatility expanded during the drop, with Bollinger Bands widening from ~$0.0157 to ~$0.01108.
• Fibonacci retracement levels at $0.0132 and $0.0120 aligned with key turning points, indicating strong bearish pressure.

ConstitutionDAO/Tether (PEOPLEUSDT) opened at $0.01584 on 2025-10-10 at 12:00 ET and closed at $0.0121 by the same time on 2025-10-11. The 24-hour high was $0.01599, while the low hit $0.01108, reflecting a sharp bearish move. The total volume traded over the period was 1,263,987,068.9 units, with a notional turnover of approximately $19,130,560. The price action suggests aggressive selling pressure, especially from $0.01562 to $0.01108.

The formation of a bearish engulfing pattern and a long lower shadow at the peak of the move indicated a reversal of bullish momentum. Later in the session, a series of bearish harami patterns and doji confirmed distribution and exhaustion. A key support level at $0.0120 appears to have been tested multiple times, with price bouncing off it twice. A potential resistance level at $0.0132 also coincided with a Fibonacci 38.2% retracement level and a prior high.

Moving averages for the 15-minute chart showed a clear bearish crossover, with the 20-period MA crossing below the 50-period MA mid-session. The daily chart confirmed this bearish bias, with the 50-period MA falling below the 100-period and 200-period lines. This bearish alignment across timeframes underscores a likely continuation of the downtrend unless a strong reversal occurs.

The RSI hit overbought conditions above 70 in the early part of the session, followed by a steep decline to oversold territory below 30, suggesting exhaustion. The MACD moved from a bullish crossover to a bearish one, with the histogram declining sharply, indicating weakening bullish momentum. Bollinger Bands expanded significantly during the price drop, signaling increased volatility. Price closed near the lower band at the end of the 24-hour period, reinforcing oversold conditions and potential near-term rebound.

Bollinger Bands and Fibonacci levels highlighted key turning points during the move from $0.01599 to $0.01108, with the 61.8% retracement level at $0.0129 acting as a psychological resistance point. Volume surged during the initial break below $0.01562 but diverged with price as the decline continued, suggesting a distribution phase and lack of follow-through buying.

Backtest Hypothesis
The backtesting strategy proposes a mean-reversion approach using RSI (14) and Bollinger Bands (20-period, 2.0 SD). A long entry is triggered when RSI dips below 30 and price touches the lower Bollinger Band, with a stop loss set below the recent swing low. A short entry is initiated when RSI exceeds 70 and price reaches the upper band, with a stop above the swing high. Given the recent oversold condition and the proximity to the lower band, the strategy would have generated a long signal near $0.01108. If executed, the trade would target a retracement toward $0.0120 as the initial profit target, aligning with Fibonacci levels. This approach could be suitable for the current market environment, but volatility and sudden reversals remain risks.