The Turbo cryptocurrency price jumped 12% in the last 24 hours, reaching $0.005119 due to a 41% surge in trading volume.
Technical Analysis of the TURBO/USD Pair
The TURBO/USD pair on the 4-hour timeframe shows a rounded bottom pattern, which is a bullish reversal indicator. This pattern suggests that market sentiment is shifting from bearish to bullish. The Turbo price gradually formed this rounded bottom between the $0.003500 and $0.004500 range, signaling a potential upward trend.
Key Indicators and Metrics
The 50-period simple moving average (SMA) has crossed above the 200-period SMA, creating a golden cross, a strong bullish signal. This crossover indicates that TURBO is gaining upward momentum. The current support level is around $0.004500, which lines up with the 50-period SMA. The MACD indicator shows a bullish crossover, and the Relative Strength Index (RSI) is at 60.41, indicating it is not overbought. This provides room for further gains.
Potential Market Impact
The current Turbo price is around $0.005090, having broken through the previous resistance formed by the rounded bottom. The next target for upward movement is around $0.005500, where some resistance may be encountered. On the downside, the key support level is at $0.004500. If the price drops below this level, it could lead to a retest of the $0.004000 mark.
The Turbo price has shown significant momentum in the past day, indicating possible further growth. Investors are advised to closely monitor key support and resistance levels to make informed decisions.
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