Turbo Price Prediction: TURBO Posts Its Highest Gain in a Month with a 1,565% Explosion, but Is This Latest AI Meme Coin a Better Pick?

adminJune 1, 2024

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According to GeckoTerminal, the price of Turbo has surged 1,565% over the past month, trading at 0.00833 at 7:12 PM UTC.

As a result, it recorded the highest increase during the period among the top 200 cryptocurrencies in terms of market capitalization.

Some analysts now predict that TURBO price could reach $0.1.

that much $turbo parabolica will not stop before $0.10. Just accept it.#memecoin The season is here. pic.twitter.com/PK58kA6T14
— STEPH is a cryptocurrency (@Steph_iscrypto) June 1, 2024

turbo price outlook

If we analyze the Turbo price chart, we can see that the recent bullish breakout of the bearish channel has been withdrawn. This suggests that the downtrend is likely to continue if the price falls below the lower trend line of the flag.

Looking at other indicators, the Money Flow Index (MFI) (57.23) is slightly above the midpoint of 50, indicating moderate inflows into assets. An MFI value above 50 usually indicates strong buying pressure.

On the other hand, the value of the Average Directional Index (ADX) (25.85) indicates a rather strong trend. Values above 25 usually indicate a trend strong enough for a trend trading strategy, but in this context the trend strength starts to weaken as it does not go much beyond 25.

The Commodity Channel Index (CCI) (~60) indicates that prices are slightly above average, which is considered relatively normal without signaling an extreme situation. When the CCI oscillates around 0, it indicates that the price is in a consolidation phase.

Although the market was bullish previously, current indicators and pattern formations suggest a cautious approach due to the possibility of continuation of the decline, as evidenced by the current turbo price action.

4-hour TURBO/USDT chart | source: TradingView

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