TURBO Rises 33% With Breakout Momentum, but Reversal May Be Ahead

Key Takeaways

• TURBO surged from $0.00047 to nearly $0.01 in May.
• Recent price action shows a bearish phase with corrections.
• Anticipating a 32% drop to $0.0048 in correction.

TURBO has experienced significant price movements over the past few months, marked by a sharp rise to an all-time high followed by a subsequent decline.

This analysis delves into TURBO’s current price trends, potential corrections, and future predictions as it navigates its bullish and bearish phases.

Turbo Price Prediction

The price of TURBO began its uptrend at $0.00047 at the end of April, soaring to an all-time high of nearly $0.01 on May 28, marking an increase of almost 1,800%.

However, it made a downturn and proceeded to enter a bearish phase. 

TURBO fell to $0.0030 on July 5, a level later retested on Aug. 5. A slightly higher low of $0.0032 was seen on Sept. 6, the final one in this ABC correction since the all-time high.

A new bull phase began, with the price breaking out above the descending resistance and reaching a high of $0.0071 on Sept. 28. 

On Oct. 3, it fell to $0.0047, a retest of the broken resistance for support. A bounce resulted in another 33% uptrend, with the price of TURBO regaining its previous loss and at the prior high. 

There is horizontal resistance at these levels so that another rejection might occur. The daily chart Relative Strength Index (RSI), showing the overbought conditions at 73%, further hinted at this. 

Turbo Price Prediction 

Zooming into the hourly chart and examining the wave structure, we see that the last rise could conclude the five-wave pattern.

From Sept. 5 until 19, we saw the price advance in a three-wave manner. Although its 28 high was higher, it is considered the B wave from a lower degree ABC correction. 

Its subsequent retest of the broken descending resistance for support marked the completion of wave four, which is why we saw another strong momentum move to the upside.

Usually, wave five makes a higher high, but considering the depth of wave four, it could be a truncation in this case, only revisiting its prior high.

In either case, we can anticipate another downturn for its first correction in the bullish phase. If an ABC pattern develops to the optimal 0.618 Fib level, TURBO will fall 32% to a target of $0.0048. 

Read more: Turbo Price Prediction 2024: TURBO Price Analysis