Turbo Price Forecast: With $TURBO Up 42% in 7 Days – Could a Bigger Rally Be Ahead?
Turbo appears to be cooling down after its Binance listing-fuelled rally.
Over the past 24 hours, the TURBO price has dipped following a brief uptick, down 2.38%.
This underperformance is notable, especially as meme coins, on average, have seen a 5.84% gain.
However, fundamentals continue to stack in Turbo’s favor.
Despite today’s loss, TURBO has retained a 37.01% gain since last Thursday, positioning it among the top-performing meme coins over this period.
Step Back or Step Up: is a Turbo Price Rally Ahead?
The most significant factor contributing to Turbo’s recent rise is its recent listing on Binance, which brought new liquidity to the meme coin – with more listings anticipated .
But with this comes weak hands, the impact of which we appear to be seeing as holders take profit and newcomers succumb to unrealized losses under sell-off pressure.
Therefore, it is expected that we see some downside in the near term before Turbo finds stable footing, ready for its next move.
A closer look at the TURBO price chart reveals a greater risk, as the recent decline reaffirms a descending triangle pattern.
TURBO / USDT 1D Chart, descending triangle pattern. Source: TradingView.This bearish pattern, characterized by its support at $0.0032275 and consistent lower highs forming a narrowing consolidation range, could be a prelude to a drawdown.
The bullish double-bottom pattern failed to play out and deliver the momentum needed to breach the upper boundary of the triangle, confirming its hold remains strong.
However, the Relative Strength Index (RSI), currently at 65, conveys strength, suggesting that a downward breakout may not occur yet as buying pressure holds it in positive territory. Traders should look for a more decisive break away from the resistance before ruling a bullish breakout.
Conversely, if a breakout does not occur, the price may retrace back to the lower support of the triangle, risking a downward breakout toward lower support at $0.0013.
This New Opportunity Has Higher Gains Potential
Although traders may want to cling to Turbo for further gains, its performance is waning amidst growth among other meme coins. This raises the question of whether Turbo is the best bet for future profits.
Therefore, investors looking for huge gains potential may find a strategic advantage in diversifying into newer low-cap meme coins that have the potential to rally exponentially .
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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