ConstitutionDAO/Tether (PEOPLEUSDT) Market Overview for 2025-10-10

• Price tested key resistance around 0.0169 before correcting sharply lower
• High volatility observed during the early morning hours, with a sharp drop below 0.0165
• RSI entered oversold territory late in the session suggesting possible near-term reversal
• Volume surged during the initial rally and again during the late-session selloff

ConstitutionDAO/Tether (PEOPLEUSDT) opened at 0.01638 on 2025-10-10 at 12:00 ET and closed at 0.01569 at 12:00 ET the same day, marking a 24-hour low of 0.0156 and high of 0.01704. The total volume traded over 24 hours was 162,705,809.4 USD equivalent, with a notional turnover (amount × price) of approximately 2,656,792.09 USD. The pair exhibited a clear bearish bias after breaking a key support level mid-session.

Structure & Formations

Price initially broke through 0.01695, forming a bullish continuation pattern during the morning hours. However, a sharp bearish reversal emerged after 2025-10-10 15:00 ET, with a bearish engulfing pattern forming around 0.01652 and accelerating the downward move. The pair closed near its daily low on a long bearish candle with a wick near 0.0167, suggesting a strong rejection of recent highs.

Moving Averages

On the 15-minute chart, price spent most of the session below the 20- and 50-period moving averages, reinforcing the bearish bias. The daily 50-EMA (not shown in data) appears to have acted as resistance during the morning rally, with the 200-EMA likely positioned near 0.0160–0.0162, offering potential support for the next session.

MACD & RSI

The MACD line showed a bearish crossover earlier in the session and remained below the signal line through the close. RSI dropped to the 25–30 range by the final hour of data, indicating oversold conditions. However, without a corresponding rebound in volume, this may suggest limited short-term buying interest.

Bollinger Bands

Volatility expanded during the initial rally and then compressed during the selloff. Price closed near the lower Bollinger Band on the 1-hour chart, signaling a possible continuation of the downward trend or a retest of the lower band for a bounce.

Volume & Turnover

Volume surged during the morning rally and again during the late-session sell-off, with both instances showing price and volume alignment. The largest single 15-minute turnover spike occurred at 15:00 ET, coinciding with a breakdown below 0.01652. No significant divergence was observed between price and volume during the move.

Fibonacci Retracements

Fibonacci levels from the recent bullish swing (0.01602–0.01704) show the 61.8% level at 0.01643, which appears to have acted as a key resistance. The 38.2% level at 0.01675 failed to hold, reinforcing bearish momentum. On the daily chart, the 50% retracement from the larger bearish move is near 0.01595, where the current price is approaching.

Backtest Hypothesis

A potential strategy based on this move could involve a short position triggered by a break below the 0.01652 level with confirmation from a bearish engulfing pattern and increasing volume. A stop-loss could be placed near the 0.01675 resistance or 61.8% Fibonacci level. The target might aim for the 0.01624–0.01602 zone, with a risk/reward profile of approximately 1:1.5. Backtesting this pattern over similar volatility spikes would be necessary to validate its reliability.