- Turbo crypto faced resistance at $0.00933, with the RSI close to overbought and MACD momentum waning.
- On-chain data showed mixed signals, with 3.79% of investors in the money amid declining network growth.
Turbo [TURBO] is attracting more and more attention in the cryptocurrency market due to its recent price increase.
At the time of writing, Turbo was trading at $0.008849, reflecting a 2.20% increase in the past 24 hours. The key question is whether it can surpass the critical resistance level at $0.00933.
Will Turbo Crypto Break $0.00933?
Over the past few days, Turbo has maintained a steady uptrend, rising from $0.0060 to press time. However, it started to face significant resistance at $0.00933.
Although bulls have pushed the price higher, technical indicators showed some potential weakness.
The MACD indicator suggested that the bullish momentum was slowing, with the MACD lines approaching a bearish crossover.
Moreover, the shrinking histogram indicated a potential momentum shift in favor of the bears if the bulls fail to push the price higher.
Source: TradingView
The RSI stood at 57.95 at the time of writing, slightly below the previously almost overbought level. This suggested that the market was starting to cool after reaching a high of 63.91, indicating reduced buying pressure.
The decline in the RSI implied that a potential pullback or consolidation phase could occur if buyers do not forcibly re-enter the market.
So price momentum is subdued, but there is still room for further moves depending on emerging market dynamics.
Source: TradingView
Will on-chain signals support Turbo’s breakout?
Data on the chain offers a mixed outlook. Net network growth shows a decline of 1.78%, indicating bearish sentiment in the near term.
This decline in network activity could undermine Turbo’s rally if new participants do not enter the market.
On a more positive note, In the Money is showing a bullish trend of 3.79%, meaning a healthy portion of holders are currently profitable.
Consequently, this could lead to more buying interest as investors look to take advantage of the gains.
Moreover, the concentration of major holders remains stable at 0.04%, indicating that major holders still need to take decisive steps.
Large trades are down 2.04%, further indicating hesitation among larger investors.
Source: IntoTheBlock
Read Turbos [TURBO] Price forecast 2024-25
Can Turbo break through?
Turbo is at a critical juncture. The technical analysis and on-chain data both indicate that a breakout above $0.00933 is possible, but it will depend on continued buying pressure and the behavior of larger market participants.
If the bulls can maintain momentum, we may see Turbo push through resistance. Otherwise, a setback could be in the offing.
