Technical analysis by KatarinaRostova about Symbol PEOPLE: Sell recommendation (6/1/2024)

Technical Indicators AnalysisRSI (Relative Strength Index):An RSI above 70 (93.52) typically indicates that a security is overbought. Assuming that the RSI is currently high (overbought), it supports the case for a short position.Wave Analysis:Wave patterns suggest that the price might be completing a wave 5 of an impulse wave, followed by a corrective wave (a).This pattern indicates a potential reversal or correction, aligning with the short position strategy.Trade Setup SummaryEntry: 0.11248Take Profit: 0.08810Stop Loss: 0.12400Additional ConsiderationsMarket Sentiment: Consider the overall market sentiment and any upcoming news that might impact the price of PEOPLE/USDT.Volume Analysis: Ensure that there is sufficient volume to support your trade decision. High volume at the entry point can validate the strength of the trend.This trade setup provides a clear risk-reward ratio and leverages both RSI and wave analysis to identify a potential short opportunity. Always consider the latest market data and adjust your stop loss and take profit levels accordingly to mitigate risks