- The rapid gains since last Saturday came about thanks to significant demand.
- Liquidation levels highlighted a potential range formation around $0.007.
Turbo (TURBO) quickly recovered from the crisis it experienced in early October. Last weekend, after swinging the $0.005 level towards support, TURBO skyrocketed to the $0.0074 resistance level.
This represents a price change of 49.2% in three days before the slight drop in the last few hours.
Earlier on the day of writing, Turbo crypto bulls attempted to overthrow the $0.0075 level to support it. The high trading volume session ended in failure for the bulls.
Is the recent selling pressure an early sign of a turnaround?
Source: TURBO/USDT on TradingView
The price action on the 4-hour chart has been strongly bullish and key resistance levels such as $0.006 and $0.0065 have been converted into demand zones. The Awesome Oscillator histogram showed strong bullish momentum.
Over the past three days, Turbo crypto bulls have barely taken a break from pushing prices higher. This has changed in the last 24 hours.
The large bullish candle wick showed rejection beyond the $0.0074 level. Sales volume over the past two days has seen the accumulation/distribution indicator decline to signal increased selling pressure.
Swing traders can use these indices and wait for a deeper decline in TURBO. The $0.0065 and $0.00689 levels may provide a buying opportunity if there is a retest.
Further north, the 61.8% and 100% extension levels at $0.00825 and $0.009 respectively would be the upside targets for October.
Pockets of liquidity around TURBO prices
Source: Coinglass
The volatility seen in the early hours of Wednesday marked two levels where liquidation levels accumulated. These were the $0.00689 and $0.00786 levels.
It is likely that a sweep of either level would result in a near-term trend reversal.
Read Turbo (TURBO) Price Prediction 2024-25
This reversal would be due to prices being attracted by liquidity. Both liquidity pools mentioned are attractive in the shortest time frame. A retest of $0.00689 would present a buying opportunity.
A move towards $0.00786 could lead to a sustained rally, and traders should not be in too much of a hurry to sell the token in this liquidity group.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.
