Turbo Price Takes A Dip: Is It Best Time To Invest In TURBO

The Turbo price seemed to be declining in the recent sessions after a strong surge of nearly 70% in the earlier sessions. The TURBO price registered a strong breakout of a trendline resistance in the previous week and jumped 70% in a couple of sessions.

Earlier, TURBO had been in a correction phase since mid-May after suffering rejection from a psychological $1 level. 

The Turbo token price dropped, suffering multiple rejections from a trendline resistance. Its recent breakout marked the end of a correction phase. The broader market turmoil has dragged the Turbo price down in recent sessions. 

However, it may be a great opportunity for an accumulation as the Top addresses are doing the same. The top addresses were found accumulating this meme coin in the last one month.

Whales Accumulating the Turbo Cryptocurrency

The top addresses seemed to be accumulating TURBO in the last one month, as evidenced by the supply held by the top addresses. 

The top addresses, often referred to as whales, have added nearly 63.6 Million TURBO tokens to their portfolios. It is up to almost 1% of the total supply. 

Whales generally have more resources and information than that of the retailers. They have larger investments hence they tend to be on the right side of the trend. The price may show gains as the whales have increased their holdings in Turbo.

When writing, the TURBO token had a live market capitalization of $356.47 Million, and it ranked 213th in the cryptoverse. The transaction volume dropped by 13.51% to $91.74 Million, suggesting the sellers’ waning interest. The volume-to-market cap ratio was at 26.14%, indicating high volatility. 

Is Turbo a Buy-on-Dip Opportunity for the Investors?

From a technical standpoint, the Turbo price hovered comfortably above all the key exponential moving averages of 20, 50, and 200 days at the time of writing. That suggested a strong positive trend prevailing. 

The recent selloff may turn out as a buy-on-dip opportunity as the key EMAs may offer dynamic support. Also,  the Turbo price may bounce back higher. 

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Moreover, the Fibonacci tool was applied from the recent swing low at $0.0031 level to the recent swing high at $0.0080. 

As a result, the golden zone was observed between $0.0055 and 0.0050. The golden zone acts as a key area for a trend continuation. 

The Turbo token price seemed nearing Fibonacci’s golden zone and might bounce back after retesting it. The recent breakout already confirmed the end of a correction phase. 

Any bounce from the golden zone may indicate a trend continuation towards the higher side. 

On the contrary, the pullback may turn into a bearish reversal if the price looms below $0.0042. 

Is Turbo Poised for a 40% Gain Ahead?

The Turbo price surged nearly 70% after breaking out of a trendline resistance. However, the price declined in recent sessions due to a broader market turmoil. 

This dip might be a good accumulation opportunity as top addresses (whales) have added 63.6 million TURBO tokens, about 1% of the total supply. 

From a technical perspective, Turbo remained above key EMAs (20, 50, 200 days), indicating a strong positive trend. The price was nearing the Fibonacci golden zone ($0.0055-$0.0050), suggesting a potential bounce and trend continuation. 

However, a drop below $0.0042 could signal a bearish reversal. The recent breakout already confirmed the end of the correction phase.

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