Turbo crypto token continued its strong rally, reaching a record high of $0.01340 on Tuesday. It has soared for two consecutive weeks and by almost 5,000% from its lowest point this year, bringing its market cap to over $794 million. It has also become the ninth-biggest meme coin.
User growth continues
Turbo token surged after Binance listed its Turkish lira pair, making it available to millions of customers in the country.
This listing happened as the number of Turbo holders continued soaring, reaching 40,000 wallets this week. This is a big increase since the token had 37,000 wallets in the same period last month.
Turbo has now been listed by some of the most popular exchanges in the industry like OKX, HTX, Kraken, and Gate. There is a chance that the remaining ones like Coinbase and Bybit will list it as it becomes more popular.
Turbo’s ownership is highly concentrated, with the top ten account holders owning about 60% of the supply.
The token also jumped as sentiment among traders rose. The community sentiment in CoinMarketCap is 935 bullish against 7% bearish. Over 13,900 people submitted their votes by Oct. 15.
It also surged as Bitcoin continued its strong rally, crossing the important resistance level of $67,000 for the first time in months.
Most importantly, Turbo’s surge happened in a high-volume environment. Its futures open interest soared to a record high of $146 million, a big increase from this month’s low of $40 million. Its 24-hour volume in the spot market has risen by 147% to $462 million.
Turbo, like other meme coins, does not have any utility. It was established in 2023 with a budget of just $69. It has a total supply cap of 69 billion Turbo tokens, with the founder receiving 9 billion of them.
Turbo crypto price analysis
Turbo chart by TradingView
The daily chart shows that the TURBO token has been in a strong rally after bottoming at $0.0030 in July, August, and September.
It has surged above the key resistance point at $0.0098, its highest swing on May 29. As a result, it has remained above all moving averages.
Oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the extremely overbought level.
Therefore, while the price will likely continue rising, there is a likelihood that it will retest the support at $0.0098, and then resume the uptrend. This is known as a break and retest pattern, and a sign of bullish continuation.
