Enthusiasts of Turbo [TURBO] have recently witnessed a flurry of bullish activity as the meme token surged significantly in a short period. Since 3 October, TURBO has experienced a remarkable 140% increase in its value. The token managed to achieve an impressive 120% rally within just four days, but encountered a bump in the road on Tuesday due to increased volatility.
Presently, the token’s retreat from the $0.013 mark appears to be a temporary setback. Should the price fall below the $0.01 threshold, swing traders may need to adjust their outlook to a more bearish stance.
Signals of a Weakening Uptrend
In recent days, the CMF on the 4-hour chart was significantly above +0.05. However, Tuesday’s rejection at the psychological $0.01 level led to a shift, bringing the indicator down to +0.06 at present. While there were signs of substantial inflows, the pace seemed to have slowed down in comparison.
An early indication of a potential price decline appeared as the MACD displayed a bearish crossover above zero. The extent of the impending dip remains uncertain. Additionally, Fibonacci levels were utilized based on the previous week’s surge from $0.0061 to $0.0134.
If a retest of the 50% level at $0.0097 occurs, it is likely to trigger a positive response from buyers. Traders might find an opportunity to enter the market at the $0.089 mark. However, a more significant drop could cause a bearish shift in the market’s structure on higher timeframes, potentially delaying any recovery.
Insights from the Liquidation Heatmap for TURBO Price Prediction
Despite some uncertainties, momentum and buying pressure have not entirely favored sellers. The short-term liquidation heatmap has highlighted the $0.0104-$0.0106 range as an area of significant liquidity accumulation.
A breakthrough in this zone could set the stage for further rapid gains. Traders should exercise caution and avoid premature buying, as the $0.0083 level also holds significance and might pull the cryptocurrency’s value lower in the coming week.
Disclaimer: The opinions expressed in this article are personal views and should not be considered as financial, investment, or trading advice.