Is a Bigger Rally Possible Given That $TURBO Has Increased by 40% in Just 7 Days?

After a short surge, the TURBO price has fallen 2.38 percent in the last day.

When compared to the average rise of 5.84% for meme currencies, this underperformance is striking.

But the principles are still working in Turbo's advantage.

Even with today's drop, TURBO is still one of the best-performing meme currencies so far this month, having gained 37.01% since last Thursday.

Is a Turbo Price Rally in the Horizon, or Should We Take a Step Back?

The recent listing of Turbo on Binance, which added liquidity to the meme currency, is the most important reason for its current increase. Additional listings are expected.

However, entrants give in to sell-off pressure and unrealized losses when holders take profit, resulting in weak hands.


Hence, we should anticipate a temporary decline in Turbo's value until the company establishes a solid foundation upon which to build its future.

Looking at the TURBO price chart more closely shows a higher level of risk, since the current drop confirms a triangular pattern with a downward trend.

This bearish pattern may be setting the stage for a drop, as it is defined by a consolidation range that is shrinking and consecutive lower highs with support around $0.0032275.

No impetus was delivered by the bullish double-bottom pattern to break through the top border of the triangle, indicating that its hold is still solid.

At 65, the Relative Strength Index (RSI) is showing strength, which means that purchasing pressure is keeping the RSI in positive territory, which means that a bearish breakthrough may not happen just yet. Investors should wait for a stronger break from the resistance level before declaring a positive breakthrough.


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