Turbo is testing resistance at $0.00933, with momentum slowing as traders await a breakout.
- Turbo crypto faced resistance at $0.00933, with RSI near overbought and slowing MACD momentum. On-chain data showed mixed signals: 3.79% of investors were “In the Money” amidst falling network growth.
Turbo [TURBO] is drawing increasing attention in the cryptocurrency market due to its recent surge in price.
As of press time, Turbo was trading at $0.008849, reflecting a 2.20% rise over the past 24 hours. The key question is whether it can surpass the critical $0.00933 resistance level.
Will Turbo crypto push through $0.00933?
Over the past few days, Turbo has maintained a steady upward trend, rallying from $0.0060 to the press time price. However, it had started to face significant resistance at $0.00933.
While bulls have driven the price upward, technical indicators showed some potential weakness.
The MACD indicator suggested that bullish momentum was slowing down, with the MACD lines nearing a bearish crossover.
Additionally, the shrinking histogram indicated a potential momentum shift in favor of the bears if bulls fail to push the price higher.
Source: TradingView
The RSI was at 57.95 at press time, slightly below the previously near-overbought levels. This suggested that the market had started to cool off after reaching a high of 63.91, indicating reduced buying pressure.
The decline in RSI implied that a potential pullback or consolidation phase may occur if buyers do not re-enter the market with force.
Therefore, the price momentum has moderated, but there’s still room for further moves depending on upcoming market dynamics.
Source: TradingView
Will on-chain signals support Turbo’s breakout?
On-chain data offers a mixed outlook. Net Network Growth is showing a 1.78% decline, which indicates a short-term bearish sentiment.
This drop in network activity could undermine Turbo’s rally if new participants don’t enter the market.
On a more positive note, In the Money is showing a 3.79% bullish trend, meaning a healthy portion of holders are currently profitable.
Consequently, this could fuel more buying interest as investors look to capitalize on gains.
Additionally, the concentration of large holders remains stable at 0.04%, signaling that significant holders are yet to make decisive moves.
Large Transactions are down 2.04%, further suggesting hesitation from bigger investors.
Source: IntoTheBlock
Can Turbo break through?
Turbo is at a critical juncture. The technical analysis and on-chain data both indicate that a breakout above $0.00933 is possible, but it will depend on sustained buying pressure and the behavior of larger market participants.
If bulls can maintain momentum, we may see Turbo push through the resistance. Otherwise, a pullback could be on the horizon.
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