- Turbo Token saw a 40% price increase after a bullish breakout, exciting investors.
- Liquidation values hit $3.36M as traders adjusted to rapid price movements.
- The market shows strong bullish activity as $Turbo holds near key levels.
In a remarkable turn of events, Turbo Token ($Turbo) has demonstrated an impressive 40.97% rally, as highlighted by renowned technical analyst World of Charts. The cryptocurrency, which is traded on Binance with the USDT pairing, exhibited a textbook bullish pennant formation, culminating in a breakout that confirmed a 50% bullish rally target.
Source: World Of Charts
As of December 7, 2024, $Turbo is trading at $0.010510, representing a 12.14% gain on the day, with analysts closely monitoring the continuation of this robust uptrend.
Turbo Token Breakout Validates 50% Rally Projection: Analyst View
The 12-hour chart illustrates a clear progression of price action, beginning with a consolidation phase within a descending pennant pattern. This pattern formed between mid-October and late November, with support and resistance converging near $0.005000 and $0.010000 levels, respectively.
The breakout occurred in early December, driving $Turbo beyond $0.010000 and establishing a new resistance zone around $0.014000. The post-breakout rally aligns closely with the projected target of the pennant’s pole height, further validating the setup.
Currently, the token is navigating a consolidation range between $0.010500 and $0.014000, with bullish sentiment prevailing. World of Charts has emphasized the importance of the ongoing momentum, noting that the breakout has yielded over 30% profits for traders who entered near the lower boundary of the pennant.
Bulls Celebrate as $Turbo Hits $0.012 and $3.36M Shorts Liquidated
The recent market activity surrounding Turbo Token ($Turbo) has revealed a sharp contrast in liquidation dynamics, as evidenced by data from Coinglass. Over the past six months, $Turbo’s price trajectory, represented by the yellow line, exhibited significant fluctuations, with a major price surge recorded in early December 2024, propelling the token to $0.010000 and beyond.
This increase has been accompanied by a notable shift in liquidation volumes, with long liquidations (green bars) generally outweighing short liquidations (red bars) during bullish periods. A particularly significant spike in short liquidations was observed in mid-October, coinciding with the token’s breakout to $0.012000.
Source: Coinglass
From June to November 2024, the chart demonstrates a balanced tug-of-war between longs and shorts, with liquidation values ranging up to $3.36 million during peak market volatility. This reflects the heightened speculative activity around the token. Following a period of consolidation in September, the liquidity dynamics shifted dramatically, with long liquidations decreasing as bullish sentiment gained traction.
The post Turbo Token Surges 40% with $3.36M Liquidations Amid Bullish Breakout appeared first on Crypto News Land.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed