- 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.