The technical analysis for Constitution DAO's PEOPLE token
reflects a mix of trends in the market:
1. Current Price Movement: As of now, PEOPLE is trading at $0.05776, showing a recent decrease of about 2.35% in the last 24 hours. Over the past week, the price has fallen by 19.47%, indicating short-term bearishness. However, its yearly performance has shown a significant increase of 343.63%.
2. Key Patterns and Indicators: Analysts highlight a potential bull flag formation on the weekly chart, suggesting bullish sentiment. There's evidence of strong buying pressure around the $0.06 level, supported by the price holding above the 50 RSI on weekly time frames. On the other hand, a neutral stance dominates among oscillators and moving averages.
3. Breakout Potential: Several traders observe PEOPLE consolidating within a triangle pattern. This setup could lead to a breakout, particularly as the price nears the apex. A breakout above resistance could confirm a bullish trend.
4. Short-Term Targets: Predictions suggest potential targets of $0.188 and $0.27 if bullish momentum persists. However, volatility remains high, and caution is advised for speculative trades.
Recommendations:
For traders, consider support at $0.06 and monitor resistance levels closely.
For investors, historical volatility and the concentrated wealth distribution (top holders control over 80% of supply) are key risks.
If you are interested in exploring charts or deeper analysis, platforms like Trading View or Binance Research offer detailed insights.
