Turbo/USDC Market Overview: Sharp Selloff and Bearish Momentum

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• TURBOUSDC experienced a sharp bearish reversal, dropping from $0.003324 to $0.002503 in 24 hours.
• Price action formed a large bearish engulfing pattern and a deep bearish gap in early ET hours.
• Volume spiked dramatically during the selloff, exceeding 67 million, with oversold RSI signaling potential near-term exhaustion.
• Bollinger Bands widened significantly, reflecting heightened volatility amid a trend reversal.
• Turnover surged during the crash, confirming weak price/volume alignment and bearish conviction.

The TURBOUSDC pair opened at $0.003324 on 2025-10-10 at 12:00 ET, reached a high of $0.003324, and dropped to a low of $0.002489, closing at $0.002567 by 12:00 ET on 2025-10-11. The total traded volume reached 340 million, while the notional turnover hit $969 million, showing strong bearish conviction. The selloff occurred during a sharp price breakdown from a prior consolidation zone, where the market failed to hold above the 20- and 50-period moving averages on the 15-minute chart.

Structure and formations were highly bearish. A large bearish engulfing pattern emerged between 19:30–21:00 ET, followed by a continuation gap to the downside. Price found temporary support around the 0.002550 level, but this failed to hold. Resistance levels appear to be at 0.002660–0.002680 on the retest, with support forming between 0.002520 and 0.002489. A potential double-bottom structure is emerging at 0.002489, suggesting possible near-term stabilization.

Momentum indicators confirmed bearish exhaustion. The RSI hit an oversold level of 26 during the selloff, signaling potential near-term correction, but remains within a bearish range. The MACD line crossed below the signal line and remained negative, reinforcing a bearish bias. On the 15-minute chart, the 20-period MA crossed below the 50-period MA (death cross), while on the daily chart, price fell below all major moving averages—50, 100, and 200—indicating a broader downtrend.

Bollinger Bands showed a dramatic widening from 20:00–21:30 ET, consistent with a breakout or breakdown. Price fell below the lower band during the selloff, indicating extreme volatility and bearish momentum. The bands have since retracted slightly, suggesting that volatility may be subsiding, although the mean reversion is still unlikely unless a strong bullish reversal forms.