When Will the TURBO Correction End? | Credit: Getty Images
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Key Takeaways
TURBO is ranked #241 based on its market capitalization after a remarkable price surge in 2024.
The price has increased parabolically since bouncing at an ascending support trend line on May 1.
Does the TURBO price still have more room to grow, or has the upward movement finally end?
TURBO started as an experiment when GPT-4 was given $69 to create a memecoin. However, after a 2,600% increase in 2024, the memecoin reached a new all-time high price on May 28.
However, the TURBO price has fallen since, correcting nearly 40% since the all-time high. This leads to the question: Is the entire rally over, or is TURBO just taking a pause after an extensive upward movement?
Why Did TURBO Fall Over 40%?
The TURBO price has increased rapidly since bouncing at a long-term ascending support trend line on May 1. The increase led to a new all-time high price on May 28.
Even though TURBO has fallen since, the wave count suggests the upward trend is not over. More specifically, it implies TURBO is in sub-wave four of a five-wave upward movement.
TURBO/USDT Daily Chart | Credit: TradingView
If the count is accurate, a likely level for the bottom will be at the 0.5 Fibonacci retracement support level at $0.051. Afterward, the TURBO price can begin another upward movement that leads to a new all-time high.
A likely level for the top of the entire increase is between $0.011-$0.013. The target is found by giving wave three between 3.61 and 4.21 times the length of wave one. Afterward, the TURBO price is likely to undergo another correction.
TURBO Reaches New All-Time High
The TURBO price has increased alongside an ascending support trend line since October 2023. During this period, the price has increased by a remarkable 10,800%. Three validations confirm the trend line (green icons).
The upward trend in 2024 has been lower, but still an impressive 2,000%.
After the most recent bounce in April, the TURBO price reclaimed the $0.00070 resistance area and started a parabolic rally. The rally culminated with a new all-time high price of $0.00984 on May 28.
TURBO/USDT Daily Chart | Credit: TradingView
Even though both the RSI and MACD are overbought, neither shows any signs of weakness in the form of a bearish divergence. So, it is possible the upward movement will continue.
Since the price is already at an all-time high, the wave count can determine potential targets for a new all-time high.
TURBO Price Prediction: How Long Will Increase Continue?
The wave count suggests the TURBO price is in wave three of a five-wave upward movement (white). The increase started in September 2023.
Wave three has extended by an unusual amount, so it does not have a relation to wave one. As a result, we can use the length of the sub-waves (black) to determine a potential area for a top.
TURBO/USDT Daily Chart | Credit: TradingView
Giving sub-wave three 4.618 times the length of sub-wave one leads to a new TURBO all-time high of $0.0118. The target is 65% above the current price. At the current supply, this would give TURBO a market capitalization of $735 million, which would not be enough to enter the top #100 biggest cryptocurrencies.
AIOZ, the #100th biggest cryptocurrency, currently has a market capitalization of $834 million. TURBO will enter the top 100 with an increase to $0.0130.
Afterward, the length of sub-wave four can help find a target for the top of sub-wave five and wave three.
TURBO Has More Room to Grow
The TURBO price has increased by an impressive 2,000% in 2024 and ranks #241 based on its market capitalization. Despite the correction since the all-time high, the price has more steam left in the tank and can continue increasing. The short-term correction could end at the 0.5 Fibonacci retracement support level at $0.0051.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
