The bullish momentum of Turbo [TURBO] has been quite impressive lately, as the meme coin has been living up to its name by surging in value over the past few days. Since October 3rd, the token has seen a remarkable increase of 140%. With a rapid rally of nearly 120% in just four days, TURBO was making significant strides until recent volatility disrupted its upward trajectory on Tuesday.
While the token faced a rejection at the $0.013 mark, causing some concern, it is crucial that it maintains its position above the $0.01 level to prevent a shift in sentiment among swing traders towards a bearish outlook.
Indications of Weakness in the Uptrend
On the 4-hour chart, the Chaikin Money Flow (CMF) had been comfortably above +0.05 in the recent past. However, the rejection at the pivotal $0.01 level on Tuesday resulted in a dip, bringing the indicator down to +0.06 at the time of writing. This decline may signal a slowdown in buying pressure despite the presence of considerable inflows earlier.
Additionally, the Moving Average Convergence Divergence (MACD) indicator formed a bearish crossover above the zero line, indicating an impending price decline. While the extent of this potential dip remains uncertain, Fibonacci levels based on the previous week’s rally from $0.0061 to $0.0134 have been considered.
If the price revisits the 50% Fibonacci level at $0.0097, it is likely to trigger a bullish response. Furthermore, the $0.0089 threshold could present an attractive entry point for swing traders. Nevertheless, a more substantial decline could alter the market’s structure towards a bearish outlook on longer timeframes and might postpone any potential recovery.
Price Forecast based on Liquidation Heatmap Data
Despite some prevailing uncertainties, momentum and buying pressure have not completely shifted in favor of sellers yet. The short-term liquidation heatmap has identified the $0.0104-$0.0106 range as a significant liquidity pool to watch.
A successful breach of this zone could pave the way for a resumption of the rapid price gains observed earlier. Traders, however, should exercise caution against premature buying, as the $0.0083 level also holds substantial attraction and could exert downward pressure on the cryptocurrency’s valuation in the coming week.
Disclaimer: The views expressed in this article should not be considered as financial, investment, or trading advice. They solely represent the writer’s personal opinion.