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The Turbo price has skyrocketed by 1,565% in the past month to trade at 0.00833 at 19:12 UTC, according to GeckoTerminal.
That made it the biggest winner for the period among the top 200 cryptos by market cap.
Some analysts are now predicting that TURBO price could go all the way to $0.1.
The $TURBO parabolica doesn’t stop before $0.10, just accept it.#Memecoin season is here. pic.twitter.com/PK58kA6T14
— STEPH IS CRYPTO (@Steph_iscrypto) June 1, 2024
Turbo Price Outlook
If we analyze the Turbo price charts, we see a pullback from the recent bullish breakout from the bear channel. This indicates a possible continuation of the downward move once the price breaks below the lower flag trendline.
Looking at other indicators, we see that the Money Flow Index (MFI) (57.23) is slightly above the midpoint at 50, indicating moderate inflows of money into the asset. An MFI value above 50 generally indicates that there is buying pressure.
On the other hand, we see that the value of the Average Directional Index (ADX) (25.85) indicates a somewhat strong trend. Values above 25 generally suggest that a trend is strong enough for trend trading strategies, but in this context the trend strength begins to diminish as it is not far above 25.
The Commodity Channel Index (CCI) (~60) indicates that the price is slightly above average, which is considered relatively normal without indicating extreme conditions. The CCI’s fluctuation around zero also suggests that the price is in a consolidation phase.
While the market showed strength earlier, current indicators and pattern formation suggest a cautious approach due to the potential for a downward continuation as suggested by current Turbo price movements.
4-hour TURBO/USDT chart | Source: Trading view
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