• TURBO is testing a descending trendline; a breakout could initiate strong bullish momentum.
• Open interest is rising, signaling growing speculation, but elevated NVT and bearish onchain signals suggest caution.

Turbo [TURBO] is testing a crucial descending trendline that has acted as a strong resistance barrier in recent sessions. At press time, the token was trading at $0.007741, reflecting a 3.22% increase over the last 24 hours.

This trendline has consistently acted as resistance, keeping the token’s price suppressed in recent sessions.

Now, traders are closely watching for a potential breakout that could unlock an 11%-15% rally. With increased speculation, this breakout moment could be a defining move for TURBO. But will the momentum hold?

Turbo chart analysis: A critical trendline to break

The 2-hour chart shows TURBO locked beneath a descending trendline that has defined its recent downtrend. This trendline resistance stands as a major hurdle for the token.

If TURBO manages to break and close above it, it could trigger a rally toward potential upside targets around 11-15% higher. However, without a confirmed breakout, the trendline could continue to keep the price under pressure.

A breakout would likely encourage further bullish momentum, setting the stage for a possible rally to key price levels. This trendline break is therefore crucial; it could change the market’s sentiment and bring in additional buying interest.

However, if TURBO fails to break the trendline, it risks sliding back into consolidation or even a pullback.

Elevated NVT ratio signals overvaluation risk

However, while technical indicators lean bullish, the Network Value to Transactions (NVT) ratio suggests caution. Currently, TURBO’s circulation-based NVT is at 292.54, and its transaction volume-based NVT is 207.15.

These elevated values imply the asset may be overvalued relative to its underlying network activity. <

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Author: Erastus Chami