The ConstitutionDAO (PEOPLE) token price showcased a volatile outlook and replicated roller coaster moves amid the positive sentiments. Moreover, the price action shows the selling pressure and lower low swings, which led the price of PEOPLE below the 100-day EMA. It is now at a make-or-break level of $0.03200, which is the 200-day EMA strong support zone.
The PEOPLE price continued to drag the gains, showcasing sellers’ dominance in the recent sessions. Furthermore, the price action reflects an underperformance and further unwinding may lead the price below the crucial support zone of $0.03000, which will also break the buyers’ momentum. As per the technicals, the price could stretch the downward move and will persist in laying off the gains.
At press time, the ConstitutionDAO (PEOPLE) token trades at $0.03466 with an intraday gain of 5.69%, showing a retracement on the charts. Moreover, the trading volume increased by 172.45% to $233.62 Million, highlighting investor interest. The pair of WAVES/BTC was noted at 0.000000716 BTC, while the market cap is $170.67 Million. Analysts are neutral and suggest that the PEOPLE price will continue to drag the downward move and may breach $0.03000 soon.
PEOPLE On Hourly Charts Displays Range Bound Moves
On the hourly charts, the price of PEOPLE is showcasing a reversal from the top and is delivering selling pressure in the recent sessions. Moreover, the price action reveals the narrow range movement, and the price is hovering near the 50-day EMA, reflecting indecisiveness.
The relative strength index (RSI) curve stayed close to the midline and referred to the bears, who persisted in trying for a breakdown. The MACD indicator showed a bearish crossover and formed red bars on the histogram, suggesting underperformance for the following sessions.
Daily Charts Deliver Sharp Rejection
On the daily charts, the ConstitutionDAO price faced a sharp rejection from the top of $0.07300, eroding over 55% of the gains, depicting selling pressure in the past sessions. Moreover, the technicals are pointing to a fake breakout, and the price may soon retest the support zone of $0.03000. As per the Fibonacci retracement levels, the price fell below the 38.2% zone and is heading to the 23.6% zone.
Summary
The ConstitutionDAO (PEOPLE) token price showcased a rejection from the swing hurdle of $0.07300 and displayed retracement in the recent sessions. Moreover, the price action reflects the sellers’ dominance. The buyers have lost their momentum, and the prices have persisted in eroding the gains.
Technical Levels
Support Levels: $0.03000 and $0.02800
Resistance Levels: $0.03500 and $0.03800
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2024/01/11/constitutiondao-price-prediction-will-bulls-secure-0-03000-mark/