Turbo (TURBO) investors have returned strong indicating after a long period of uncertainty. It indicates a renewed confidence and potential shift in the market sentiment.
At the time of writing, Turbo price was trading close to $0.00417 recording an impressive 7.25% gain in intraday. Adding intraday gains to the weekly price performance, Turbo stands at a significant 19% gain a week indicating a strong recovery.
Although the altcoin has revealed signs of a recovery from the lows, the broader market remains cautious. While recent activity by the top addresses also known as whales has sparked optimism still Turbo maintains a long-term bearish trend creating challenges for the asset’s price.
Turbo Whales Back In Action
The top addresses also known as whales have played a significant role in Turbo crypto price movements. Over the past week, the whales have accumulated nearly 524.4 Million TURBO tokens, worth over $2.17 Million. This significant accumulation of 0.76% suggests that the crypto whales anticipate a price surge in the short term.
The top addresses or whales are the entities with large amounts of investment and more resources. Hence, the accumulation by the whales can’t be ignored. Thus Turbo price could experience renewed momentum and surge higher potentially breaking through the higher supply levels and entering a bullish territory.
On the other front, the average 30-day on-chain transaction volume in the loss curve has dropped from $325 Million to $278 Million indicating the investors turned profitable in the last week.
As of now, the ratio of on-chain transaction volume in profit to loss accessed using 30-day MA has improved from 0.84 to 0.993 in a week. It suggests that for every transaction that ends in a loss 0.93 transactions results in profit.
As Turbo price would shift higher, this ratio would cross 1 indicating more investors in profit than that in loss.
Turbo Price Prediction: Challenge Or Opportunity For Investors.
Turbo price noted a significant 19% rise in a week, indicating a strong recovery from the lows. The price has surpassed the dynamic resistance of the 50-day EMA indicating a short-term rally in the crypto.
While applying the Fibonacci retracement tool from recent swing high to low, it was observed that Turbo price was hovering in the golden zone of Fibonacci. This zone may act as a potential resistance and restrict upward movement.
However, the recent price surge in tandem with large wallet accumulation signals a potential breach of the golden zone. If TURBO bulls are able to flip this barrier into support, it could help the asset price recover its previous losses and break out of a correction phase.
On the contrary, if the bulls fail to surpass the golden zone would again push Turbo in a consolidation zone and the struggle between the bulls and bears may go on. The key EMAs may act as dynamic support if the price suffers selling pressure.
