Market Overview: ConstitutionDAO/Tether (PEOPLEUSDT) on 2026-01-07

Summary
• Price surged to a 24-hour high of $0.01162 before retracing sharply toward $0.01103.
• Volume spiked 17x near 14:15 ET during the sharp decline.
• RSI hit overbought conditions above 65, then oversold below 35, suggesting exhausted momentum.
• Bollinger Bands expanded during the afternoon sell-off, indicating heightened volatility.
• A bearish engulfing pattern formed at the session high, hinting at potential near-term reversal.

ConstitutionDAO/Tether (PEOPLEUSDT) opened at $0.01127 on 2026-01-06 at 12:00 ET, surged to a high of $0.01162, dropped to a low of $0.01103, and closed at $0.01135 on 2026-01-07 at 12:00 ET. Total volume reached 64.9 million, with $729,545 in notional turnover over the 24-hour period.

Structure & Key Levels

Price formed a clear short-term range between $0.01103 and $0.01162, with the upper end marked by a bearish engulfing pattern and a potential resistance at $0.01160–0.01162. A 61.8% Fibonacci retracement of the prior upward move suggests support near $0.01132, which held during overnight consolidation.

Momentum and Volatility

The RSI oscillated between overbought and oversold extremes, peaking above 65 and falling below 35 during the afternoon pullback. This suggests both strong and weak momentum phases, without a clear directional bias. Bollinger Bands expanded during the 14:15 ET selloff, indicating a volatile phase. The 20-period moving average crossed below the 50-period during the decline, hinting at near-term bearish pressure.

Volume and Turnover

Volume spiked significantly at 14:15 ET (5.8 million) during the sharp decline from $0.01115 to $0.01107, which coincided with a 10% drop in price. This volume divergence suggests potential conviction in the bearish move. However, later in the session, volume normalized without clear price confirmation, indicating a lack of strong follow-through.

Forward Outlook

With key support at $0.01132 and resistance near $0.01160, the asset appears poised for a range-bound consolidation or a breakout attempt. A break above $0.01160 could trigger a test of prior highs, while a sustained drop below $0.01105 could accelerate a deeper correction. Investors should closely watch volume during these key levels for confirmation.