Author：Encryption Jianghu

• The quick gains since last Saturday occurred on sizeable demand.
• Liquidation levels highlighted a potential range formation around $0.007.

Turbo [TURBO] was quick to recover from the slump it saw in early October. Last weekend, after flipping the $0.005 level to support, TURBO rocketed higher to reach the $0.0074 resistance level.

This represented a 49.2% price move in three days before the minor dip of the past few hours.

Earlier on the day of writing, Turbo crypto bulls attempted to flip the $0.0075 level to support. The high trading volume session ended in failure for the bulls.

Is the recent selling pressure an early reversal sign?

The price action on the 4-hour chart was strongly bullish, and key resistance levels such as $0.006 and $0.0065 have been converted into demand zones. The Awesome Oscillator histogram showed firm bullish momentum.

In the past three days, Turbo crypto bulls have hardly taken a break from driving prices higher. This changed in the past 24 hours.

The large candle wick to the upside showed rejection beyond the $0.0074 level. The selling volume of the past two days saw the accumulation/distribution indicator fall lower to signal increased selling pressure.

Swing traders can use these clues and wait for a deeper TURBO dip. The $0.0065 and $0.00689 levels can offer a buying opportunity in the event of a retest.

Further north, the 61.8% and 100% extension levels at $0.00825 and $0.009 respectively would be the bullish targets for October.

Liquidity pockets around TURBO prices

The volatility in the early hours of Wednesday marked out two levels where liquidation levels have built up. These were the $0.00689 and $0.00786 levels.

It is likely that a sweep of either level would see a short-term trend reversal.

Read Turbo’s [TURBO] Price Prediction 2024-25

This reversal would be because prices are attracted to liquidity. Both of the mentioned liquidity pools are attractive in the lower timeframes. A retest of $0.00689 would present a buying opportunity.

A move toward $0.00786 might see a sustained rally, and traders should not be overeager to short the token at that liquidity cluster.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion