People saw a massive surge in the past weeks and reached a significant milestone following another 10% daily increase. It looks strongly bullish on the day but is now showing signs of weakness on the daily chart.

Ahead of the major bull run, People started this month with a slow recovery and eventually saw a notable gain by the second week. It advanced rally last week but later turned weak due to a slight pullback. 

It regained strength again this week and surged steadily until the price broke out of a crucial $0.073 resistance level to a high of $0.089 this Thursday. A rejection occurred there and pulled back slightly. 

The $0.077 level produced support with a bounce and the crypto flipped through Thursday’s high to $0.0985 today – currently tested as a new high. A strong monthly close above $1 could fuel a bigger price movement next month. Otherwise, we may see more drops before resuming the surge. 

So far, it has seen a staggering but preliminary 400% gain from last month’s low. Bigger moves lie ahead as it just appeared to be starting. 

Aside from being one of the most trending crypto lately, it is amongst the monthly top gainers with a 10% gain in the past 24 hours. It shows signs of weakness due to a sharp rejection. It may enter a retracement mode if the bulls fail to regroup.

PEOPLE’s Key Level To Watch

Source: Tradingview

People just fell sharply from its current high of $0.0985. A daily close above this high could allow buying to the $0.12 and $0.14 levels this week. Higher levels to consider for an increase are $$0.16 and $0.18. 

If the price drops below the holding of $0.07, the immediate support level to consider for a test is $0.073. The lower retracement level to consider as support is $0.0565.

Key Resistance Levels: $0.0985, $0.12, $0.14

Key Support Levels: $0.077, $0.073, $0.0565

Spot Price: $0.085
Trend: Bullish
Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: calima3d/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ May 25, 2024 8:20 pm