Turbo Crypto Explodes Over 90%? A Memecoin Season Around the Corner?
Key Takeaways
- The memecoin, Turbo (TURBO), price surged by around 90% in the past week.
- The explosive rally of the Turbo token is supported by strong signals from the technical indicators and key market metrics.
- The market cap of the memcoin sector reached $42.11 million, and the volume is up by 18.55%.
- The current market cap is too low to confirm a memcoin season.
- The Price movements of memcoins are entirely driven by the social media narratives, discussions, and community sentiments.
- The investors are advised to exercise extreme caution to avoid risks.
The price of the memecoin, Turbo (TURBO), surged by around 90% in the past week. The token is currently trading at around $0.002412, and the price is up by 4.41% in the past 24 hours. The market cap reached $164.68 million in the 24-hour time frame. Moreover, the 24-hour trading volume surged by more than 45% suggesting an increased demand.
The Technical Indicators & Key Market Metrics Suggest a Strong Rally for Turbo Coin
The explosive rally of the Turbo token is supported by strong signals from the technical indicators. The 0.002336 was the most crucial technical and physiological level for the token. The price has surged past that zone, suggesting that the token is likely to continue the bullish run.
It is currently trading above the 10-day Exponential Moving Average and Simple Moving Average. The 14-day Relative Strength Index (RSI) value of 64 further confirms the strong bullish trend. The MACD histogram is also showing a bullish crossover. Both market oscillators and moving averages show that the buyers are in charge. Besides, the rising open interest of 38% in the past 24 hours suggests that fresh capital is entering the market to support the rally.
Nevertheless, it’s worth noting that, since being a memecoin, the price trajectory is largely shaped by the community sentiments and social media narratives, besides the technical breakouts. Moreover, the very high volatility of 15.15% remains a cause of concern. Even so, the massive buying pressure building around the Turbo coin has led to discussions regarding the emergence of a memcoin season.
A Memecoin Season Around the Corner?
The Turbo’s soaring prices have ignited speculations about the start of the memecoin season. The low to mid-cap memecoins being in green and the reduced volatility around Bitcoin have prompted the crypto natives to speculate.
The market cap of the memcoin sector reached $42.11 million, and the volume is up by 18.55%. The current market cap is too low to confirm a memcoin season. An uptrend crossing at least 80 billion market cap is required to confirm the memcoin season. Besides, the dominant memecoins, such as the dogecoin ( DOGE), Shiba Inu (SHIB), and Pepe (PEPE), despite recording weekly gains of around 8%, 9% and 12% are in the red today. Dogecoin has the highest market cap, $22.68 billion, in the memecoin sector. The dogecoin is yet to show any signs of a rally.
Moreover, according to the data released yesterday, November 28, the Memecoin trading volume accounts for under 5% of Solana’s daily DEX volume, the lowest share since memecoin activity had accelerated two years earlier.
The Bottom Line: What’s Ahead for Memecoins?
Despite some tokens, such as the Turbo coin, showing early signs of the beginning of a memecoin season, it is yet to be confirmed. Besides, price movements of memcoins as an asset class are entirely driven by the social media narratives, discussions, and community sentiments. Hence, a price surge or crash can occur due to a single tweet. The high volatility is the norm. The investors are advised to do thorough research to minimize the associated risks
Crypto & Blockchain Expert