PEOPLE surges past key resistance with strong momentum. Wave count suggests bullish continuation. Can PEOPLE extend its rally further?
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Key Takeaways
PEOPLE broke major downtrend resistance convincingly.
Impulsive structure targets $0.041 next.
RSI reset favors another wave up in the short term.
PEOPLE (ConstitutionDAO) has staged a sharp rally after months of consolidation, breaking past key resistance levels and confirming a new impulsive structure.
The charts show strong bullish momentum with multiple confluences aligning on the 4-hour and 1-hour timeframes.
PEOPLE Price Analysis
The 4-hour chart shows that PEOPLE has broken out from a long-term descending resistance trendline that started on Oct. 15, validating the breakout with strong momentum.
After that, the price surged, reclaiming the 0.236 Fibonacci level at $0.0293 and moving toward the next significant resistance at the 0.382 Fib retracement at $0.041.
The breakout also invalidated the prior bearish market structure and signals a shift toward a new bullish phase.
The 4-hour Relative Strength Index (RSI) shows overbought conditions at around 80, with clear bearish divergence visible.
The RSI fails to create higher highs as the price rises, suggesting a short-term correction could follow before the price continues upward.
The next resistance sits at $0.041 (0.382 Fib), with higher retracements at $0.050 and $0.060 acting as potential medium-term targets if momentum holds.
However, a retracement toward $0.029 could occur, given the RSI divergence and the current wave setup.
PEOPLE Price Prediction
On the one-hour timeframe, PEOPLE is currently in a wave (iv) pullback of a smaller-count impulsive structure.
The market slowly consolidates after topping at $0.038 in wave (iii).
The current price action indicates a likely wave (iv) flat or triangle forming, with support around $0.033.
Once wave (iv) completes, a final wave (v) could push the price toward $0.041, which aligns with the 0.382 Fib level on the higher time frame.
This move would complete the five-wave structure from the local low.
The RSI has reset from overbought territory, allowing room for another upward move before potential exhaustion.
However, if wave (iv) breaks below $0.033, it could suggest deeper corrective behavior, possibly toward $0.029 before any further advance.
This scenario is less likely, unless a breakdown in overall market sentiment occurs.
Assuming bullish momentum remains intact, the short-term target remains at $0.041, with a high probability of trend continuation unless major divergence forms or the macro sentiment shifts.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis.
Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information.
