TURBOUSDC Crumbles Past Key Fib Level After Failed Rally

Summary
• Price fell from 0.001166 to 0.001101 on a bearish engulfing pattern after early bullish momentum.
• Volume surged near 0.001126–0.001144 but failed to sustain the move, indicating bearish exhaustion is possible.
• RSI hit oversold territory around 0.001101–0.001109, hinting at potential short-term rebound.
• Bollinger Bands narrowed during the late-night consolidation, followed by a breakout to the downside.
• Fibonacci 61.8% level at ~0.001115 acted as a key resistance, now likely a re-entry point for bears.

Price Action and Key Levels

Turbo/USDC (TURBOUSDC) opened at 0.001151 at 12:00 ET-1, reached a high of 0.001166, and closed at 0.001107 at 12:00 ET, with a low of 0.001101 during the session. The pair experienced a bearish turn after a failed rally above 0.001144. A bearish engulfing pattern formed around 0.001126–0.001144, followed by a sharp drop below 0.001120. The 20-period moving average on the 5-minute chart crossed below the 50-period, reinforcing the bearish bias.

Momentum and Volatility

The RSI dropped to oversold levels (~30) near 0.001101–0.001109, suggesting a potential short-term bounce. Bollinger Bands had narrowed significantly during the overnight consolidation before expanding on a sharp decline. Volatility picked up after 17:00 ET, with a large volume spike around 0.001126–0.001144. A 50-period MA on the 5-minute chart sits near 0.001127–0.001130, a potential short-term support/resistance zone.

Volume and Turnover Analysis

Total volume for the 24-hour period was approximately 13,190,482, with notional turnover at $14,616.13. A large volume spike occurred around 0.001126–0.001144 during the afternoon, but the failure to sustain the price above 0.001133 indicates bearish dominance. Volume declined sharply after 06:00 ET as the price drifted lower.

Fibonacci and Key Resistance

Fibonacci retracement levels from the 0.001166 swing high to the 0.001101 low show the 61.8% level at ~0.001115 as a critical area of interest. The price has bounced off this level multiple times and now appears to have broken it. A retest to the upside could see this area act as a magnet for buyers.

In the next 24 hours, a possible bounce from 0.001101–0.001109 could test the 0.001115–0.001117 range, but a break below 0.001101 could accelerate the decline. Investors should monitor the 50-period 5-minute moving average as a potential short-term floor. As always, price action can shift quickly in crypto, and unexpected liquidity shifts remain a risk.