Resurging from a key level, Turbo looks green today as it continues to show strength daily. However, it remains trapped in the consolidation phase while charging back at a key resistance level.
After last month’s recovery, which saw many altcoins through a notable relief in the first quarter sell-off, Turbo posted a massive gain and turned super bullish following a key breakout of a four-month resistance line.
Like several other assets, it faced rejections and cooled off buying after testing the $0.006 level in late April. It lost track, but it managed to stay above the $0.0004 level and subjected the trend to a consolidation phase.
In the middle of that, the crypto regained strength yesterday following a strong push from the bulls’ side, although there’s no assurance if they can sustain pressure above the rejected level.
If this phase turns out to accumulation, we should expect a successful break-up in the coming days. On the other hand, a distribution from this phase could bring us back to the bottom, where the next phase of the market would be determined.
Whichever way, the bulls are not giving up yet as the trend remains in their favour on the daily chart. If they fail to push above last month’s high, they may remain trapped in consolidation until a surge in volatility occurs. Considering the latest price action, the bulls are still in charge.
Turbo’s Key Levels To Watch
Breaking above the $0.006 resistance, the next area of interest for the bulls would be $0.0079, followed by $0.012 and $0.0149 in the future.
Should the price break below $0.004, the potential support level to watch for drops would be $0.0027. Below it lies the $0.0021 support.
Key Resistance Levels: $0.006, $0.0079, $0.012
Key Support Levels: $0.004, $0.0027, $0.0021
- Spot Price: $0.0055
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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