Can TURBO Shoot A Massive Breakout As Analyst Spreads Optimism?

Turbo, the toad-based memecoin, which has been known for its creation as the first meme coin ever built by AI.

Turbo Toad Token (TURBO) was optimized by 17.76% in market value and had a massive spike of 182.63% in trading volume in the last 24 hours, as per CoinMarketCap.

Meanwhile, its market value is $386.574  Million, and its trading volume amounted to $172.029 Million. There is 63.674 Billion TURBO in circulation, and its 24-hour volume-to-market cap ratio stands at 44.40%, this signifies a good amount of liquidity.

TURBO crypto has shown a massive breakout on the daily chart, it reached $0.00950 by May 28th, 2024. But it fell from May 29th in a wedge and formed a support at $0.00515 by June 7th, 2024. 

At press time, TURBO broke out of the wedge and was trading at $0.006080.

Does Social Dominance Activity Signify a Resurgence in TURBO?

The social dominance, including X mentions of TURBO, followers, and social volume (including active users of Telegram and Twitter), shows a negative trajectory; there is also a downtick in its active users and Twitter chatter. 

However, the chart after the fall seems to be rising in the recent sessions with the rise in price. 

On Chain- The Transaction Volume Ratio in Daily Profit to Loss of TURBO

Daily on-chain transaction volume in profit of TURBO, loss, and the ratio are metrics that measure the amount and proportion of Turbo Toad Tokens that are moved on the blockchain and are either in profit or in loss, contingent on their acquisition cost. 

The daily on-chain transaction volume in profit to loss ratio for Turbo Toad Token is 0.916

Daily On-chain transaction volume in profit(TURBO) is – 1.5 Billion

Daily On-chain transaction volume in loss(TURBO) is – 1.64 Billion

These metrics highlight the following aspects of the Turbo Toad Token :

Since the volume in loss is high in TURBO crypto and the ratio is below 1 due to the recent dip observed in the price, it means that most holders might be in a negative position due to the recent dip in price and Turbo Toad Token sentiment and behavior may be more likely to hold or buy more.

Similarly, it highlights that related to its supply dynamics and price pressure on TURBO, a higher amount of tokens’ are locked or illiquid, generating upward pressure on the price.

In the same way, it also exhibits the trend and momentum of TURBO, that the volume in loss is advancing, and the ratio is falling. It illustrates that TURBO crypto is facing a correction scenario and is gradually losing momentum as more holders are becoming unprofitable.

Overall, the on-chain metric highlights a bullish angle for the Turbo asset.

Continuous Gains in the Total Amount of Holders in TURBO!

TURBO has displayed a surge in the number of holders in the last two months. This shows that holders are growing so fast, and more holders would mean more liquidity. 

The total amount of holders has risen to a current value of $31 K from that of nearly 20 K holders in May 2024.

Could TURBO Ascend Higher?

Analyst Steph Is Crypto tweeted on X with optimism that the TURBO is breaking out of the wedge and has been expecting massive gains in the coming months.

At press time, TURBO traded above 50-day and 200-day EMAs. Meanwhile, MACD stays above the zero line, with RSI glaring at 56.98.

Therefore, if TURBO gives a robust breakout, then the asset could reach targets like $0.01000, and beyond this, it could reach $0.01500, as well.

However, if the Turbo Toad Token Fails to break out and stays in the pattern, the pattern would lose its bullish significance. Along with this, if it slides below $0.005150, the price could seek rock bottom as well.

Summary

Turbo Toad Token (TURBO) experienced a significant increase in market value and trading volume in the last 24 hours. Social dominance and user activity for TURBO have shown a negative trend, and now a spike is observed in the metric.

Moreover, there is a continuous surge in the total number of TURBO holders. Analysts are optimistic about TURBO’s potential for massive gains.

Potential price targets for TURBO are $0.01000, and $0.01500, along with the possibility of a bearish scenario if $0.005150 levels are not maintained.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Source: https://www.thecoinrepublic.com/2024/06/11/can-turbo-shoot-a-massive-breakout-as-analyst-spreads-optimism/