Turbo (TURBO) Crypto Token Price Soars 300% This Week

The Turbo crypto token surged this week as the cryptocurrency market gained momentum. It soared to a high of $0.005560, its highest level

The cryptocurrency market saw increased momentum this week, with altcoins and meme coins making significant gains. Among the best performers was Turbo, which surged as Bitcoin and other tokens recovered.

Bitcoin price rose to a high of $94,000 on Wednesday. This was the crucial resistance level that Bitcoin tested for the first time in over a month.

Other meme coins also soared, including Fartcoin, Pepe, Official Trump, and Dogecoin. In total, the market cap of all meme coins tracked by CoinGecko jumped by 16.5% to $58 billion.

Turbo token price surged as futures open interest rose to $63 million, its highest level since December 17. It has risen from this month’s low of $13 million, indicating increased demand in the futures market.

However, the coin’s funding rate fell to minus 0.3235%, its lowest level on record. A negative rate indicates a higher demand for shorting the asset, reflecting traders’ expectations of a price decline. The falling negative funding rate is a sign that the surge may end soon.

Turbo Crypto Price Technical Analysis

The daily chart shows that the Turbo token reached its bottom at $0.0001366 this month. It then bounced back and has reached a high of $0.005560 on Wednesday.

The coin has now surpassed the key resistance level at $0.003045, which was its lowest swing in June and August of last year.

It has also moved above the 50-day moving average, indicating that bulls are currently in control. Oscillators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) have been pointing upwards.

Therefore, the coin will likely drop to retest the support at $0.0030, aligning with the robust pivot and reversal indicated by the Murrey Math Lines tool. Further gains will be confirmed if the price rises above the key resistance point at $0.005560. Such a move would push it to the resistance at $0.007735.

News data source: kdj.com

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