The post Turbo nears trendline breakout: Will it spark a new rally? appeared on BitcoinEthereumNews.com.

TURBO is testing a descending trendline; a breakout could initiate strong bullish momentum. Open interest is rising, signaling growing speculation, but elevated NVT and bearish onchain signals suggest caution. Turbo [TURBO] is testing a crucial descending trendline that has acted as a strong resistance barrier in recent sessions. At press time, the token was trading at $0.007741, reflecting a 3.22% increase over the last 24 hours. This trendline has consistently acted as resistance, keeping the token’s price suppressed in recent sessions. Now, traders are closely watching for a potential breakout that could unlock an 11%-15% rally. With increased speculation, this breakout moment could be a defining move for TURBO. But will the momentum hold? Turbo chart analysis: A critical trendline to break The 2-hour chart shows TURBO locked beneath a descending trendline that has defined its recent downtrend. This trendline resistance stands as a major hurdle for the token. If TURBO manages to break and close above it, it could trigger a rally toward potential upside targets around 11-15% higher. However, without a confirmed breakout, the trendline could continue to keep the price under pressure. A breakout would likely encourage further bullish momentum, setting the stage for a possible rally to key price levels. This trendline break is therefore crucial; it could change the market’s sentiment and bring in additional buying interest. However, if TURBO fails to break the trendline, it risks sliding back into consolidation or even a pullback. Source: TradingView Elevated NVT ratio signals overvaluation risk However, while technical indicators lean bullish, the Network Value to Transactions (NVT) ratio suggests caution. Currently, TURBO’s circulation-based NVT is at 292.54, and its transaction volume-based NVT is 207.15. These elevated values imply the asset may be overvalued relative to its underlying network activity. The high NVT ratio indicates that while the…

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Filed under: News - @ November 6, 2024 3:15 am