What Is the Outlook for PEOPLE as It Gains Momentum in the Market?
According to Gate.io’s market data, in the past 24 hours, sectors such as AI, DePIN, Layer2, and some new coins have shown strong performance. Despite a slight downturn caused by Bitcoin (BTC) falling below the $100,000 mark, the altcoin sector has quickly rebounded, maintaining a bullish sentiment.
Specifically, PEOPLE currently boasts a circulating market cap of $370 million, with a circulation rate of 100% and a 24-hour trading volume of $33.70 million. Given these figures, what is the future outlook for PEOPLE, and how should it be traded?
PEOPLE is closely associated with a project called Constitution DAO (Decentralized Autonomous Organization), which was initiated by several cryptocurrency enthusiasts in November 2021. The aim was to crowdfund the purchase of a rare original copy of the U.S. Constitution, preventing this historical document from being privately owned and hoping to place it in the public eye. At that time, Constitution DAO attracted 17,437 contributors and raised over $47 million. PEOPLE serves as the token for contributors of Constitution DAO and became a community-owned token after the auction failed.
Although Constitution DAO has since closed, the PEOPLE token has not disappeared; it is now managed and operated by the People DAO organization, which has inherited some of the ideals and goals of Constitution DAO.
PEOPLE tokens have various practical functions, including governance voting, community fund management, and reward distribution. Users holding PEOPLE tokens can participate in the DAO’s decision-making process, jointly manage community affairs, and share in community profits.
PEOPLE Market Data
Latest Price: $0.07417
24-hour Change: +3.08%
24-hour High: $0.07452
24-hour Low: $0.06845
24-hour Volume: $372.34M
24-hour Net Inflow: +$11.60M
Bulls vs. Bears Ratio: 2.08:1 (Bulls Dominant)
RSI: Normal on 1D
Support Level: $0.064~$0.066
Resistance Level: $0.090~$0.093
Trading Strategy Suggestions
Strategy 1: Medium to Long-term Short Selling
Direction: Bearish
Entry Price: $0.190~$0.142 (Close to Medium to Long-term Resistance Level)
Stop Loss Price: $0.44
Target Price: $0.100~$0.102 (Close to Medium to Long-term Support Level)
Reason: According to technical analysis principles, when the current price rises to this year’s June peak, the market may experience profit-taking. If the market subsequently consolidates and slowly approaches this resistance level, the RSI is likely to enter the overbought zone, making it suitable to consider light short positions or protect bullish positions for profit.
Strategy 2: Short-term Buy on Dip
Direction: Bullish
Entry Price: $0.064~$0.066
Stop Loss Price: $0.042
Target Price: $0.085~$0.090
Reason: From a daily price chart perspective, although PEOPLE has not followed the altcoin sector’s significant rise recently, it has shown three consecutive bullish candlesticks indicating a recovery. If the price declines to around $0.064, there is a high probability that funds will be injected into the market to drive the price up again, making it an opportunity for investors to consider going long. This strategy is suitable for short-term traders looking to capitalize on support levels for profit.
Outlook
As a digital currency based on a social platform, PEOPLE has a large user base and is expected to play a leading role in the DAO space. It may have applications in areas such as digital ownership, privacy protection, and community rewards. In the context of the recent altcoin rally, PEOPLE has yet to show significant gains, but given its price fluctuations, there is potential for a rebound. However, investors should remain cautious in their operations.
