ConstitutionDAO/Tether (PEOPLEUSDT) Market Overview

• PEOPLEUSDT traded in a tightening range before a sharp post-midnight rebound.
• Key support held at $0.01760–0.01775, triggering a counter-trend rally.
• Volume surged in the final 4 hours, indicating potential short-covering or buying interest.
• RSI and MACD signaled bearish momentum but reversed with price action.
• Volatility spiked in the final 6 hours as the pair retested and rejected key resistance.

At 12:00 ET−1 on October 2, 2025, PEOPLEUSDT opened at $0.01763 and closed at $0.01774 by 12:00 ET on October 3. The pair reached a high of $0.01822 and a low of $0.01760, with total traded volume of ~48.3 million USDT and a notional turnover of ~$9.1 million over the 24-hour period. Price action reflected a bearish bias early, but a strong rally post-midnight reversed the trend.

Structure & Formations

The chart displayed a key support cluster between $0.01760 and $0.01775, which held twice and triggered a rebound. A bullish engulfing pattern emerged at ~0.01780 at 19:30 ET and again at ~0.01774 at 00:00 ET, confirming the reversal. A hanging man pattern near $0.01805 at 03:15 ET signaled potential resistance, though buyers stepped in. A morning star pattern formed at ~0.01775–0.01780 during the 02:45–03:00 window, suggesting a possible trend reversal.

Moving Averages

On the 15-minute chart, the 20-period MA (~$0.01790) crossed above the 50-period MA (~$0.01784), forming a golden cross and supporting the bullish bias. On the daily chart, the 50-period MA (~$0.01772) crossed below the 200-period MA (~$0.01783), indicating bearish momentum in the longer term. The 100-period MA (~$0.01777) acted as a support and resistance pivot.

MACD & RSI

The MACD crossed from negative to positive territory (~+0.00001) at 19:30 ET, aligning with the bullish reversal. RSI bottomed at 35 at 02:15 ET and surged to 55 by 06:00 ET, indicating a moderate bullish bias but not overbought. The divergence between price and RSI was minimal, suggesting momentum and price aligned.

Bollinger Bands

Volatility expanded during the morning hours, with the Bollinger Band width reaching ~0.00016, and price staying close to the upper band between 19:15 and 20:00 ET. A contraction in band width occurred between 01:00 and 03:00 ET, followed by a break above the upper band at 03:30 ET. Price traded between the midline and the lower band in the early session, signaling a consolidation phase.

Volume & Turnover

Volume spiked to ~2.8 million USDT at 19:30 ET and again to ~2.6 million USDT at 00:00 ET, confirming the bullish reversal. Notional turnover mirrored this, with a peak of ~$46,000 at 00:00 ET. A divergence between price and volume occurred between 04:00 and 06:00 ET, suggesting weakening momentum, though volume picked up again in the final hours.

Fibonacci Retracements

Key retracement levels were tested in the final 4 hours. A 61.8% retracement (~$0.01784) held briefly before a 78.6% extension (~$0.01813) was retested and rejected. The 38.2% retracement (~$0.01781) acted as a pivot point for the morning rally. On the daily chart, a 61.8% retracement (~$0.01780) appears to be a short-term resistance.

Backtest Hypothesis

Based on the above patterns and indicators, a potential backtest strategy could involve entering a long position on a bullish engulfing pattern near key support levels, with a stop-loss below the previous swing low and a target at the 61.8% Fibonacci extension. A trailing stop could be placed once price breaks the 50-period MA to lock in profits. Given the recent reversal and volume confirmation, this strategy could be effective in a volatile, low-volume pair like PEOPLEUSDT.