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Altcoin ConstitutionDAO’s (PEOPLE) impressive 81% rise in less than 48 hours is raising concerns as signs of exhaustion emerge. The Relative Strength Index (RSI) and Awesome Oscillator (AO) indicators are showing a bearish divergence, signaling the potential for a trend reversal. As the altcoin faces a critical juncture with an 18% correction possibility looming, investors need to be on alert. It should be noted that the altcoin has increased by 300% in the last 4 days.
Critical Support and Correction Scenarios for Altcoin PEOPLE
The current position of Altcoin PEOPLE, trading above a critical support level, is becoming a focal point for investors. Breaking below this support level could trigger a selling frenzy, leading to an 18% correction.
The anticipated correction targets a stable support level around $0.0354, which represents the low volume point of the recent surge. However, a significant development is pending confirmation.
Confirmation and Potential Downside in Cryptocurrency
A drop below the support level of $0.0421 for Altcoin PEOPLE would confirm a bearish outlook. In such a scenario, ConstitutionDAO could experience a 15% correction targeting $0.0354. The downside risk could potentially extend to $0.0328, aligning with the checkpoint of the recent 81% rally.
While the bearish trend and momentum indicators paint a cautious picture, investors should watch for potential support at $0.0370. This level is significant as it aligns closely with an inclined trend line. A bounce from this support barrier could add a resilience factor to the trajectory of altcoin PEOPLE.
Invalidating the Bear Thesis: A Look at the Upside Potential
Considering the current momentum indicators, the bearish outlook seems justified. However, a notable scenario emerges if the altcoin PEOPLE’s price recovers from the $0.0370 support.
Such a recovery, reaching a higher peak beyond the previous local top at $0.0466, would invalidate the bearish thesis. This bullish development could potentially trigger a 7% rally, bringing the altcoin PEOPLE to the psychological level of $0.050.
ConstitutionDAO’s PEOPLE token finds itself at a turning point with potential correction and reversal scenarios on the horizon. Investors should closely monitor the $0.0370 support level and the confirmation point at $0.0421. The delicate balance between bearish indicators and potential resilience at key levels underscores the importance of a careful approach in steering the current fluctuation.
