Over the course of the last 72 hours, Turbo [TURBO] demonstrated a swift rebound following a period of decline it experienced at the start of October. Recently, the coin managed to surmount the $0.005 mark, transforming it into a level of support, and surged to hit a resistance barrier at $0.0074.
This surge translated to a significant 49.2% price escalation within a span of three days, followed by a slight decline in the recent hours.
Earlier today, supporters of Turbo cryptocurrency made an effort to establish $0.0075 as a support level, yet their endeavors proved futile during a trading session characterized by high volume.
Could the current selling pressure indicate an impending reversal?
An analysis of the 4-hour chart reveals a strong bullish trend in price action, with critical resistance thresholds like $0.006 and $0.0065 now serving as zones of high demand. The Awesome Oscillator histogram displays a robust bullish momentum.
Throughout the last few days, Turbo crypto enthusiasts have tirelessly propelled prices higher with rare moments of respite. However, this trend altered in the last 24 hours.
An evident rejection beyond the $0.0074 level was observed through a notable upper candle wick. The selling pressure witnessed in the past two days caused the accumulation/distribution indicator to decline, signaling an increase in selling pressure.
For swing traders, these indicators suggest a possible forthcoming dip in TURBO. Levels such as $0.0065 and $0.00689 could offer an opportunity for entry upon a retesting phase.
Moving forward, the bullish targets for October stand at the 61.8% and 100% extension levels, positioned at $0.00825 and $0.009, respectively.
Enclaves of Liquidity Surrounding TURBO Price Points
The volatility experienced in the early hours of Wednesday highlighted two specific levels where significant liquidation thresholds had accumulated: $0.00689 and $0.00786.
A potential breach of either of these levels might signify a temporary reversal in trend.
Such reversals occur due to an inherent attraction of prices towards liquidity. Both liquidity clusters mentioned are compelling, particularly in shorter timeframes. A revisit of $0.00689 could present an opportune moment for purchase.
An ascent toward $0.00786 could trigger a sustained uptrend, urging traders to exercise caution when considering shorting the token within that liquidity cluster.
Disclaimer: The views expressed are purely the writer’s opinion and do not serve as financial, investment, or trading guidance.