ConstitutionDAO/Tether Market Overview: PEOPLEUSDT 24-Hour Breakdown

• ConstitutionDAO/Tether (PEOPLEUSDT) posted a bearish close with a 24-hour low of $0.01629.
• Volatility remained elevated, as the pair traded within a $0.0017 range on 15-minute charts.
• RSI and MACD signaled overbought conditions turned neutral, reflecting fading momentum.
• Bollinger Bands showed recent contractions early in the session before a breakout to the downside.
• Notional turnover spiked during the late night selloff, highlighting accumulation pressure.

The ConstitutionDAO/Tether (PEOPLEUSDT) pair opened at $0.01727 on 2025-10-08 12:00 ET and reached a high of $0.01806 during the session. It closed at $0.01681 by 12:00 ET on 2025-10-09, with a low of $0.01629. Over the 24-hour period, trading volume totaled approximately 131,777,418.0 units, with notional turnover reaching $2,208,196.80. This marks a 3.8% decline in price and a notable drop in momentum as the pair drifted lower.

Structure and formations suggest a key support level forming near $0.0164–0.0166, with the recent $0.01629 low acting as a short-term floor. On the resistance side, the 20-period 15-minute moving average held near $0.0171–0.0173 during the early part of the session, which failed to hold as bears took control. A bearish engulfing pattern developed around 00:30 ET, confirming a shift in sentiment. A doji formed near the close, indicating indecision and a potential reversal, though buyers have yet to step in decisively.

Moving averages on the 15-minute chart show the price dropping below the 20-period and 50-period lines by the session’s end, reinforcing a bearish bias. Daily chart indicators suggest the pair is now below the 50-day moving average, a critical level for medium-term trend followers. The 100-day and 200-day lines remain above current levels, indicating a possible retracement into that range could be in play if a bounce materializes.

MACD turned bearish late in the session, with the histogram shrinking into negative territory after an overbought high. RSI, which briefly touched overbought levels at 70 during the mid-session rally, has now fallen below 30, signaling oversold conditions. However, divergence between price and RSI suggests further downside could be limited unless a sustained close above $0.01725 fails to materialize. Bollinger Bands, which had been in a narrow contraction phase during the early hours, expanded as the price broke through the lower band, a sign of increased volatility and potential continuation of the downward trend.

Fibonacci retracements applied to the 24-hour swing show critical levels at 0.0171 (38.2%), 0.0169 (50%), and 0.0166 (61.8%). The 61.8% level near $0.0166 has held as a short-term floor. On the daily chart, key retracement levels from the recent high align with the 0.0170–0.0172 range. Traders should monitor these levels for potential bounces or breakouts.

Volume and notional turnover spiked during the late-night sell-off, with the most significant drop occurring between 03:00 and 05:00 ET. The $0.0170–0.0172 range saw high volume and mixed price action, suggesting a contested support level. However, the overall trend remains bearish as price failed to confirm a rebound. Turnover divergence was evident during the morning consolidation, as volume remained muted despite attempts at a recovery.

Backtest Hypothesis

A potential backtesting strategy for PEOPLEUSDT involves entering short positions when price breaks below the 20-period 15-minute moving average and RSI drops below 30, with stops placed above the 50-period moving average. This strategy would target the $0.0162–0.0164 level as a profit target. Conversely, long entries could be triggered on a close above the 50-period line with RSI above 50, suggesting a trend reversal. This approach would be most effective in a structured downtrend, but with the current doji and indecision near $0.01681, trend-following systems may need additional confirmation before acting.