Market Overview for ConstitutionDAO/Tether (PEOPLEUSDT) - 2025-09-18

• Price surged to $0.0218 before consolidating toward $0.0212.
• Momentum shifted from bullish to sideways as RSI flattened near 50.
• Volatility expanded during the 19:00–20:30 ET session with strong volume spikes.
• Key resistance at $0.0216 and support at $0.0212 confirmed by intraday bounces.
• Bollinger Band expansion aligns with increased price swings and higher volume.

The ConstitutionDAO/Tether pair (PEOPLEUSDT) opened at $0.02053 at 12:00 ET–1 and reached a high of $0.0218 before closing at $0.0212 at 12:00 ET. The 24-hour trading volume totaled approximately 128,393,415.8 USDT with a notional turnover of $2.73M.

Structure & Formations

Price action formed several key levels over the 24-hour period, notably a bullish breakout from $0.0215 to $0.0218 before a pullback to $0.0212. The 19:30–20:30 ET window saw a strong rally with a bullish engulfing pattern on the 15-minute chart, confirming a short-term upward shift. A bearish reversal pattern appeared near $0.0216 later in the session, suggesting caution ahead. A doji at 00:00 ET signaled indecision among traders at the start of the new day.

Moving Averages

On the 15-minute chart, the 20-period MA crossed above the 50-period MA around 19:45 ET, signaling a bullish crossover. This reinforced the upward momentum observed in the late trading hours. On the daily chart, the 50-period MA is slightly above the 200-period MA, suggesting a moderate bullish bias in the intermediate-term view.

MACD & RSI

The MACD line turned positive and crossed above the signal line shortly after 19:30 ET, confirming the bullish breakout. The RSI climbed into overbought territory during the 20:00–21:00 ET hour but has since retreated to the midline (~50), indicating a potential consolidation phase. RSI behavior suggests that aggressive buying has paused and the market is assessing the new price level.

Bollinger Bands

Volatility expanded during the 19:00–20:30 ET session, with price reaching the upper Bollinger Band at $0.0218. The following hours showed a contraction, with price moving closer to the middle band. This expansion-contraction pattern is consistent with a shift in momentum and increased trading interest.

Volume & Turnover

Trading volume peaked at around 7.8M USDT at 18:00 ET and again at 21:15 ET, corresponding with significant price moves. Notional turnover spiked during the same periods, confirming the strength of price action. A divergence between volume and price was noted in the 00:30–02:00 ET window, where volume decreased despite a slight price recovery, suggesting weakening conviction in the bullish move.

Fibonacci Retracements

Fibonacci retracement levels were applied to the intraday swing from $0.0204 to $0.0218. The 38.2% level at $0.0211 and the 61.8% level at $0.0215 coincided with key resistance and support areas. Price found support at the 61.8% level during the overnight session, indicating a potential area for a short-term bounce.

Backtest Hypothesis

The backtest strategy described involves entering long positions on bullish engulfing patterns confirmed by a 20/50 EMA crossover and a MACD bull signal. Stops are placed at the low of the engulfing pattern, and take-profit targets are based on Fibonacci projections from the most recent swing. The recent 19:30–20:30 ET candle met all these conditions, with a stop at $0.0213 and a target near $0.0218. This setup would have captured the majority of the intraday rally. A similar strategy could be applied to the current consolidation phase by adjusting entries to potential breakdowns or bounces off key levels like $0.0212 and $0.0216.