Turbo crypto token rose to $0.005560, marking a 300% increase this year amid a broader cryptocurrency market rally. Bitcoin reached $94,000 and meme coins surged, increasing their market cap. Futures open interest for Turbo hit $63 million, but the coin’s funding rate fell to -0.3235%. Technical analysis suggests potential retracement to $0.0030, with a resistance level target of $0.007735 if momentum holds.
The Turbo crypto token has experienced significant growth this week, peaking at $0.005560, marking a 300% increase from its year-to-date low. This surge coincided with a broader recovery in the cryptocurrency market, where Bitcoin revisited a key resistance level of $94,000. Notably, other meme cryptocurrencies such as Dogecoin, Fartcoin, and Pepe also benefitted, contributing to a 16.5% increase in the total market cap of meme tokens to $58 billion as reported by CoinGecko.
The rise in Turbo’s price is further supported by a notable increase in futures open interest, which reached $63 million—the highest since mid-December—up from a low of $13 million earlier this month. This increase is indicative of rising demand in the futures market. However, there is a concerning trend as the funding rate has dropped to -0.3235%, suggesting a growing preference for shorting the token, which may signal a potential price decline.
A technical analysis of the Turbo crypto price reveals it hit a low of $0.0001366 earlier this month, subsequently recovering to its current high. The token has breached a critical resistance level at $0.003045 that existed in June and August of last year. Currently, it also resides above the 50-day moving average, suggesting bullish control. Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) reflect upward momentum.
However, market observations suggest a possible retracement to the support level at $0.0030, consistent with the Murrey Math Lines tool, which indicates robust pivot and reversal potential. For continued upward momentum, Turbo must surpass the vital resistance threshold of $0.005560, paving the way towards a potential target of $0.007735 if bullish sentiment remains strong.
