- The quick gains since last Saturday occurred on sizeable demand.
- Liquidation levels highlighted a potential range formation around $0.007.
As an experienced crypto investor with a knack for reading market trends, I find myself intrigued by the recent performance of Turbo [TURBO]. The rapid recovery from the early October slump and the impressive 49.2% gain in just three days is certainly noteworthy. However, the minor dip over the past few hours has me a bit cautious.
In a more casual and understandable way: After struggling in early October, Turbo (TURBO) bounced back swiftly. Over the weekend, it surged past its previous resistance at $0.005, which had now become support, all the way up to $0.0074.
This represented a 49.2% price move in three days before the minor dip of the past few hours.
This morning when I was writing, the Turbo cryptocurrency supporters tried to change the $0.0075 price point from a resistance to a support level. However, their high-volume trading attempt did not succeed.
Is the recent selling pressure an early reversal sign?
On the four-hour chart, the price trend exhibited a robust uptrend, with crucial resistance points like $0.006 and $0.0065 transforming into areas of increased buying interest. Additionally, the Awesome Oscillator indicated a powerful surge in bullish momentum.
Over the last three days, Turbo cryptocurrency has been continuously pushing prices upward with little pause. However, this trend shifted over the past day.
The top of the big candle indicated a decline above the $0.0074 mark, suggesting strong rejection. Also, the past two days’ trading activity led to a decrease in the accumulation/distribution indicator, signaling an increase in selling force.
For swing traders, it’s wise to make use of these hints and patiently anticipate a more significant drop in the TURBO price. If the price retests around $0.0065 or $0.00689, these levels could present a good chance for buying.
Moving further north, the potential price targets for October could be a rise to $0.00825 (representing a 61.8% extension) and $0.009 (a 100% extension), suggesting a bullish trend.
Liquidity pockets around TURBO prices
On Wednesday morning, there were noticeable fluctuations that highlighted two significant points where sell-offs had accumulated. These specific points were at $0.00689 and $0.00786.
It is likely that a sweep of either level would see a short-term trend reversal.
Read Turbo’s [TURBO] Price Prediction 2024-25
As a seasoned trader with years of experience under my belt, I’ve learned that prices often gravitate towards areas of high liquidity. In my own trading journey, I’ve found that these liquidity pools, particularly in the lower timeframes, can offer attractive opportunities for both buyers and sellers. A recent retest of $0.00689 caught my attention as it could potentially provide a buying opportunity. With careful analysis and strategic positioning, I believe there is potential for profitable trades in this scenario.
Moving towards approximately $0.00786 could potentially spark a prolonged upward trend. Therefore, it’s advisable for traders to exercise caution before selling this token at such a significant liquidity point.
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2024-10-10 04:07