- TURBO rallied by over 40% on Thursday against an overall choppy market
- Market sentiment was positive, but can it drive bulls further?
Most memecoins decoupled from the broader market and rallied on Thursday. Jumping on the trend, Turbo Crypto, an AI-inspired and frog-themed meme, also surged by over 40% and broke above its recent price consolidation range.
However, the bullish momentum had tapered off at the time of writing. So, what are the key levels to consider next?
Turbo crypto price prediction: What are the next targets to watch?
Source: TURBO/USDT on TradingView
A Fibonacci retracement tool was placed between the January lows of $0.0002129 and 2024 highs of $0.001488. The Fib tool revealed that TURBO was range-bound between the 61.8% – 78.6% placeholders of mid-April and early May.
The memecoin broke above the range during Thursday’s rally, effectively flipping the market structure to bullish. However, despite a slight tapering of upswing momentum at press time, bulls still had the market leverage.
The RSI (Relative Strength Index) was above average, indicating that buying pressure was still strong. On the contrary, the fluctuating CMF (Chaikin Money Flow) could derail a stronger and sustained upside move because of muted capital inflows.
Sidelined bulls could wait for a retest on the 50% or 61.8% Fib levels for re-entry positions, with bullish targets at 38.6% or 23.6% Fib levels based on risk profile.
However, a drop back to the previous range, especially below the blue 50-EMA (Exponential Moving Average), could embolden sellers.
Turbo price prediction: A liquidity grab in play?
Source: Coinglass
Coinglass’s data showed considerable liquidity on both price extremes. The liquidity map tracks the stop losses of most leveraged traders, and price action tends to move towards these levels to “grab liquidity” before stabilizing.
If the typical liquidity grab plays out, TURBO could hunt for liquidity near $0.00085 before fishing for more at $0.001 and $0.00115. These levels coincided with the 50% and 23.6% Fib placeholders on the price charts.
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These readings mean that $0.00085 could be crucial support, while $0.0011 would be a key bullish target in case of a rebound. The positive weighted sentiment value supported the aforementioned scenario, since more market participants were bullish on the memecoin.
Source: Santiment