The memecoin $PEOPLE (Constitution DAO) has shown strong progress since the beginning of June, and the bullish trend seems to continue. After a slight correction on Sunday morning, it is now rising sharply compared to the overall crypto market. Despite the current high price, applying the Fibonacci retracement shows that it is not in a buying zone but continues to follow its upward trajectory.

On the 1-hour chart, using Ichimoku, we can see that it has taken the SSB as support for a rebound. The RSI is progressing on the 1-hour chart, having exited the oversold zone. This SSB corresponds to the 0.38 Fibonacci retracement level. On the 4-hour chart, the selling pressure seems to be slowing down, indicating a potential buying reversal for this token.

The downward trend appears to be slowing, taking a bit more time to confirm the trend change. We observe that the trading volumes are turning green again, suggesting that $PEOPLE is poised to climb back to the 0.236 Fibonacci retracement level. If this trend continues, it may soon reach its all-time high and maintain its upward momentum.

However, it's essential to note that this token is extremely volatile. With a market capitalization of $632 million, prices can still be quite manipulable. Large buys or sells by whales can cause significant price movements. Nevertheless, there is an underlying trend indicating that this token has substantial momentum.

It is advisable to monitor the RSI on the 1-hour and 4-hour charts to identify interesting rebound opportunities for this token, which is making a surprisingly strong upward run.

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