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Turbo is trading at $0.0088296 with some fluctuation currently at a loss of 2.55% for the day. Experts note bullish indicators, highlighting the Right Shoulder formation within a Head and Shoulders pattern. They also point to a Falling Wedge breakout as a potential positive signal.
With rising volume and improving momentum indicators, a breakout above downtrend resistance could push Turbo towards key targets.
Technical Indicators Show Mixed Signals Amid Bearish Crossover
The most recent candlesticks also indicate that there is a slight bearish pressure on Turbo, with the 9-day MA at $0.0092070 less than the 21-day MA at $0.0097306. Nevertheless,
If the price of Turbo rises above these moving averages, the signal will reverse back into the positive trend.
The Relative Strength index signal is currently at 57.18, which means it is slightly bullish but declining from much higher levels. A continuous breakdown below the 50 RSI figure would be suggestive of bearish sentiment whereas a relative increase could reverse the signal to buying territory.
Analysts Highlight Bullish Potential and Volume Increase
According to analyst crypt_olympics, the market demonstrates bullish potential within the framework of the newly forming Right Shoulder of the Head and Shoulders pattern supported by a recent Falling Wedge breakout.
#TURBO 1h
— CryptOlympics (@crypt_olympics) October 30, 2024
🚀 Entry: $0.0090
🎯 Targets: $0.0100, $0.0110
🛑 Stop-Loss: $0.0085
Pattern: Right Shoulder in H&S setup, Falling Wedge breakout
Trend: Consolidating within downtrend resistance
RSI: Neutral, slight upward momentum
MACD: Bullish crossover forming… pic.twitter.com/X7ns62Dgtz
The analyst also notes that with rising volume and a favorable entry point around $0.0090, Turbo could reach targets of $0.0100 and $0.0110 if momentum continues.
A stop-loss is set at $0.0085 to limit potential losses in case of a trend reversal, with a cautionary approach advised when aiming for these higher targets.
Increased volume together with On-Balance-Volume (OBV) confirms the upward trend and signals the chance for a breakout.
The rise in volume, combined with the pattern setup provides traders with a good entry point and realistic target.
Overview of Turbo Project
Turbo (TURBO) is an emerging cryptocurrency project aimed at advancing decentralized finance (DeFi) and blockchain utility. Built on a scalable, high-speed blockchain, Turbo offers users fast transaction speeds, low fees, and easy accessibility.
Its focus on community engagement and tokenomics for long-term stability has quickly gained its attention within the DeFi space.