Market Overview for ConstitutionDAO/Tether (PEOPLEUSDT)

Summary
• Price tested key resistance around 0.01072 and 0.01061 before retreating to form bearish reversal patterns.
• High volatility early in the session gave way to consolidation in the lower Bollinger Band.
• Volume and turnover diverged in the late hours, indicating potential weakening of bearish momentum.
• RSI approached oversold territory, hinting at possible near-term support holding.
• Fibonacci retracement levels suggest 0.0096–0.0098 as possible short-term consolidation zones.

ConstitutionDAO/Tether (PEOPLEUSDT) opened at 0.01039 and reached a high of 0.01074 before closing at 0.00963 at 12:00 ET. The 24-hour trading volume amounted to approximately 125.5 million units, with a notional turnover of $1.2 million.

Structure & Moving Averages

Price formed a bearish engulfing pattern near 0.01072 and 0.01061, suggesting rejection at key resistance levels. A 5-minute 20-period moving average crossed below the 50-period line, reinforcing a bearish bias. On the daily chart, the 50-period MA acts as dynamic resistance, currently around 0.0105.

Momentum and Volatility

The RSI dipped into oversold territory below 30 in the final hours, signaling possible near-term support at 0.0096–0.0098. Bollinger Bands showed an early volatility expansion, but price settled into the lower band for much of the session. MACD lines flattened mid-day, indicating waning bearish momentum.

Volume and Turnover Signals

Despite increasing bearish price action, volume and turnover waned in the late hours, suggesting a lack of conviction in the downward move. A divergence between price and turnover could indicate potential reversal or consolidation ahead.

Fibonacci Retracements

From the 0.01074 high to the 0.0096 low, key Fibonacci levels sit at 0.0103 (38.2%) and 0.0101 (61.8%). These levels may provide near-term support or resistance as the market tests direction.

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Forward Outlook

If 0.0096 holds, the pair may consolidate in the 0.0096–0.0098 range before testing 0.0103. Traders should watch for a potential rebound off this level or a break below it for extended bearish momentum. As always, unexpected macro or project-specific news could disrupt this pattern.