The first AI memecoin, Turbo (TURBO), has made a comeback and is attracting attention as the crypto market revives.
While Bitcoin (BTC) continuously sets new highs, TURBO is one of the standout memecoins with a 12% increase on July 14.
At the same time, daily trading volume has surged by 133%, reaching $463 million, nearly double the market cap of $285 million as of July 14.
This surge indicates strong short-term liquidity. But will TURBO continue its growth trend as many anticipate?
Perfect breakout? Analysts are watching the $0.015 level
A technical analyst has predicted a bull run for TURBO after breaking out of a 3-day chart pattern. His simulation shows TURBO is creating bullish candles with a forecast of exceeding $0.02.
Through X (formerly Twitter), STEPH IS CRYPTO wrote:
"PERFECT BREAKOUT OF TURBO!!!"
Long-term outlook
The weekly chart of TURBO shows a 90% drop compared to the previous strong bull run, placing the price at a deep discount.
The correction phase ended with a bullish engulfing candle, triggering a breakout above the Fibonacci level of 0.786 ($0.0035).
Meanwhile, the Chaikin Money Flow indicator is at 0.03, indicating that capital is flowing in as the value exceeds the neutral threshold.
This further reinforces the prediction that price volatility depends on trading volume.
However, to maintain this upward momentum, TURBO must keep the price above the Fibonacci retracement level of 0.618 near $0.006.
Closing the candle in this area could open the door towards $0.0075. Conversely, if this level cannot be maintained, the price may slide back to $0.0014, forming a double top at $0.006.
However, if TURBO continues to set higher highs and higher lows, the price still has the potential to rise to $0.015.
The dominance of whales
Currently, TURBO's market cap is nearly touching $300 million, however, it is still about 2.5 times lower than the peak in October 2024.
The number of holders has continued to rise since early June with a total of 56,120. Addresses holding TURBO over $100,000 account for only 0.42% but control nearly 57% of the supply. The remaining 43% are individual investors, most of whom hold under $1,000 in assets.
The holding time allocation shows the 'Cruiser' group (mid-term holders) accounts for 63.96%, compared to only 4.94% of the 'Trader' group, indicating a trend towards more investment rather than speculation.
