PEOPLE Coin Price Rally Cools After Massive Spike

Summary:
• PEOPLE coin price rose by over 47 percent on Wednesday, a hallmark for the token linked to a crowdfunding campaign that raised $47 million to buy a rare copy of the US constitution.

PEOPLE, the crypto token associated with ConstitutionDAO, rose further on Thursday, gaining 1.1 percent in the intraday session to trade at $0.051 at the time of writing. The asset is on an uptrend following Wednesday’s massive gain of 47.5 percent in a single day, which saw it register two-month highs. As of this writing, the token price is up by 79.6 percent in the last 7 days, according to cryptocurrency analytics site, CoinMarketCap. Furthermore, the 24-hour trading volume has risen by 159 percent, signaling a likelihood of continuation of the current rally.

The PEOPLE token was initially built as the governance token of ConstitutionDAO, allowing its holders to vote on the placement of a rare copy of the US Constitution. However, despite the community raising $47 million worth of Ether, it was outbid at an auction and didn’t get the copy. Therefore, PEOPLE’s use as a governance token is no longer in place following the dissolution of ConstitutionDAO. 

The token became redeemable for Ethereum at the initial contribution ratio, and is tradeable at various centralised exchanges like Coinbase, Binance, OKX, and Bybit. Much as it was initially akin to a meme coin, one can argue that PEOPLE actually had a utility back then. That is because it was set up by a group of people aiming to get a rare asset which could have served as a backup, in the same manner that stablecoins are backed up by fiat currency reserves.

PEOPLE’s return to the upside is timely, coming at a time when the wider market is flashing signs of a post-halving recovery.

Technical analysis

The momentum on PEOPLE coin price signals that the sellers currently have the upper hand. The pivot mark is at 0.050 and the downside will likely continue if resistance persists at that level. In that case, the first support could be at 0.048, and a break below that level could build the momentum to head lower to 0.045. Conversely, a move above 0.050 will favour the buyers to take control, with the next resistance likely to come at 0.054. A breach of that mark will strengthen the upward momentum, and likely push the price further to test 0.056. This will also invalidate the downside narrative.