The recent price surge of Turbo [TURBO] has captured the interest of many in the cryptocurrency sphere, with the latest trading value of $0.008849 indicating a 2.20% increase over the last 24 hours. The pivotal question now revolves around its ability to surpass the crucial $0.00933 resistance level.
Is Turbo crypto headed towards $0.00933?
In the recent days, Turbo has shown a consistent upward trend, moving from $0.0060 to its current price. However, it has encountered notable resistance at $0.00933, potentially halting its advancement. Despite the bullish drive propelling the price up, technical signals suggest a potential weakening.
The MACD indicator hints at a slowdown in bullish momentum, with the MACD lines nearing a bearish crossover. Moreover, a decreasing histogram signals a possible shift towards bearish momentum if buyers fail to elevate the price.
At the present moment, the RSI stands at 57.95, slightly lower than the previously almost overbought levels. This hints at a cooling off period in the market after hitting a peak of 63.91, indicating a decrease in buying pressure.
The diminishing RSI implies a likely pullback or consolidation phase if buyers do not re-engage with conviction in the market.
While the price momentum has eased, there is still potential for further movements based on the upcoming market trends.
Will the on-chain indicators favor Turbo’s breakthrough?
On-chain data presents a mixed outlook. The Net Network Growth has recorded a 1.78% decline, signaling a short-term bearish mood prevailing. This decrease in network activity might impede Turbo’s surge if new entrants do not participate in the market.
On a brighter note, In the Money reflects a 3.79% bullish trend, indicating a substantial portion of holders currently enjoying profits. Consequently, this may stimulate increased buying interest as investors seek to capitalize on their gains.
Moreover, the stability in the concentration of large holders at 0.04% suggests that major holders are yet to make definitive moves. The decrease in Large Transactions by 2.04% further suggests hesitance among prominent investors.
Can Turbo achieve a breakthrough?
Turbo stands at a pivotal point. The technical analysis and on-chain data both point towards a potential breakout above $0.00933, contingent upon continual buying pressure and the actions of significant market players.
If the bullish momentum persists, Turbo could successfully surpass the resistance level. Otherwise, a retracement might be on the horizon.