- An increase of 19.15% has been observed in the Turbo crypto price during the weekly trading session.
- Technical indicator summary suggests a bullish signal in the current trading phase.
- The market cap of TURBO crypto has increased by over 26% during the intraday trading session.
Run by a decentralized community, the Turbo (TURBO) token started as a bold experiment in cryptocurrency creation. It is the first-ever AI-created memecoin with a budget of $69. The memecoin has been capturing the attention of many investors since December 2023. Turbo crypto has grown so much since then and is still continuing.
TURBO Crypto’s Monthly Return Has Exceeded 1200%
At the beginning of 2024, the Turbo crypto reflected an 8.19% decline in price due to the upsurges in the previous two months. The crypto spent time making a correction in January 2024. Conversely, the memecoin lovers were waiting with a keen eye. As soon as the correction phase ended, they jumped right there.
Consequently, the crypto delivered over 140% positive returns in February and March 2024. It made another bullish correction in April 2024, reflecting over 1300% bullish upsurge in the current month. This shows the popularity of memecoin in recent times and how it can benefit users who like to invest.
Price Volatility & Social Dominance Analysis
While looking at the chart, one can see that social sentiments have a minimal influence on the Turbo crypto price. However, social dominance is rising in the current session, and the price shows bullish rallies. It reflected the increasing interest of people in this AI-created memecoin.
Technical Analysis of the Turbo (TURBO/USD)
The current price is moving above the key exponential moving averages, reflecting a strong bullish outlook. The 50-day and 200-day EMAs have been acting as minor and significant support for the price.
The TURBO price has shown a bullish rally from the $0.0005 demand zone, resulting in the breakout of $0.0014 resistance on May 22, 2024. Afterward, an impulsive, bullish move can be seen in the price, reflecting the buyers’ strength.Â
The price reached the $0.0098 level while creating a $0.0049 decisional point of interest (POI). In the current trading session, the price is forming a strong bullish candle, which reflects the bullish outlook for crypto.
The relative strength index (RSI) has shown strong bullish momentum in the current phase. That reflected that the buyers are dominating the current sessions. The RSI is moving in the over-bought area above the 70-mark upper band.
Summary
Turbo crypto has shown enormous growth this month. The price delivered over 1400% positive returns during the monthly session at the time of writing. Conversely, the bulls dominate the current session, and the price formed a strong bullish candle, reflecting the bullish outlook for crypto.
Technical Levels
When writing, the immediate resistance for TURBO was $0.0098, while the $0.0035 level was the next support. The price currently reflects a bullish look. However, a price drop can be expected below the mentioned support level.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
