TOSHI price soars 40% in a day – Will the rally hold?

Key Takeaways 

What triggered the TOSH price upswing? 

CEX listings by Binance and Upbit Korea fueled the frenzy on TOSHI memecoin. 

What’s next for TOSHI? 

Its sustained uptrend depends on holding above the mid-range of its rising channel. 

Toshi [TOSHI], a memecoin on Base, named after Coinbase CEO Brian Armstrong’s cat, blasted 40% ahead of listing across major centralized exchanges. 

Notably, Binance announced a Futures listing on the 17th of September.

Source: X

LBank and Upbit Korea also listed the memecoin, sending its trading volume soaring over 3000%, according to CoinMarketCap. And the explosive rally followed as traders tried to front-run the listings. 

TOSHI rallies 90%, but retraces slightly

The memecoin blasted over 90% from $0.00059 to $0.0011. However, as of press time, the gains were reduced to around 55%, underscoring that some were taking profit from the rally. 

Source: TOSHI/USDT, TradingView

On the price charts, TOSHI bulls still had the market edge. Especially if the price does not drop below the mid-range of the rising channel (white).

If the mid-range is defended as support, late bulls could still front another run to the upper channel, a potential 33% gain if hit.  

On the contrary, short sellers would have another ride if bulls lose the mid-range around $0.00086. In such a case, a dip to the range lows could be feasible. 

Bulls’ lifeline at $0.0008

The above thesis was also supported by liquidation heatmap data.

There was a liquidity pool between $0.00080 and $0.00070 that could act as a price magnet, especially if the Fed rate cut is somewhat cautious. 

Source: CoinGlass

But a sustained move below the mid-range could reinforce short-sellers’ edge and odds of dragging it lower. 

Overall, TOSHI’s explosive upswing was driven by traders front-running CEX’s listing of the memecoins. Late bulls could still fight for an extra 33% gain.

However, losing $0.00080 could dent the outlook for a sustained uptrend. 

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion