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Decoding the 12% increase of TURBO – $0.015 could be the next target!
The first Memecoin AI, Turbo (TURBO), has made a comeback and is drawing attention as the crypto market revives.
While Bitcoin (BTC) continuously reaches new highs, TURBO is one of the standout memecoins with a 12% increase on July 14.
At the same time, the daily trading volume surged by 133%, reaching 463 million USD, nearly double the market capitalization of 285 million USD as of July 14.
This surge indicates strong short-term liquidity. But will TURBO continue its growth trend as many predict?
Perfect breakout? Analysts are monitoring the $0.015 level
A technical analyst has predicted a price increase for TURBO after breaking out of a 3-day chart pattern. His simulation shows that TURBO is creating bullish candles with a forecast to exceed the $0.02 mark.
Through X (previously known as Twitter), STEPH IS CRYPTO wrote:
"PERFECT BREAKOUT OF TURBO!!!"
Long-term prospects
The weekly chart of TURBO shows a 90% decrease compared to the previous strong price surge, resulting in the price being at a deep discount.
The correction phase ends with a bullish engulfing candle, triggering a breakout above the Fibonacci level of 0.786 ($0.0035).
Meanwhile, the Chaikin Money Flow indicator is at 0.03, indicating that capital is flowing in as the value surpasses the neutral threshold.
This further strengthens the prediction as price volatility depends on trading volume.
The closing of the candle in this region could open the door towards $0.0075. Conversely, if this level cannot be maintained, the price may slide back to $0.0014, forming a double top at $0.006.
However, if TURBO continues to set higher highs and higher lows, the price still has the potential to rise to $0.015.
The Dominance of Whales
Currently, the market capitalization of TURBO is close to reaching 300 million USD, however, it is still about 2.5 times lower than the peak in October 2024.
The number of holders has continued to increase since the beginning of June, totaling 56,120. Addresses holding TURBO over $100,000 account for only 0.42% but control nearly 57% of the supply. The remaining 43% consists of individual investors, most of whom are holders with assets under $1,000.
Vincent