TOSHI Price Surges 75% on Exchange Listings: Can It Last?
TOSHI Price Soars 75% Following Major Exchange Listings
Toshi [TOSHI], a memecoin on Base inspired by Coinbase CEO Brian Armstrong's cat, has seen its price skyrocket, gaining as much as 75% after being listed on prominent centralized exchanges.
Key Catalysts Behind the TOSHI Rally
Binance and Upbit Listings Fuel Price Surge
The primary driver behind TOSHI's impressive performance appears to be the announcement of futures listing by Binance on September 17th and listing on Upbit Korea. These listings significantly increased trading volume and visibility for the memecoin, triggering a buying frenzy.
LBank also listed the memecoin, sending its trading volume soaring over 3000%, according to CoinMarketCap, further contributing to the price surge as traders sought to capitalize on the increased accessibility and exposure.
TOSHI Price Action: Gains Retraced Slightly
Initially, TOSHI surged over 90%, climbing from $0.00059 to $0.0011. However, at the time of this report, gains have settled around 75%, suggesting some investors are taking profits.
Analyzing the Current Market Position
TOSHI bulls maintain a slight advantage on the price charts, particularly if the price remains above the mid-range of its ascending channel (indicated in white). Holding this level could encourage further bullish momentum towards the upper channel, potentially yielding a 33% gain.
Conversely, a break below the mid-range around $0.00086 could signal an opportunity for short sellers, potentially leading to a decline towards the range lows.
Critical Support Level to Watch: $0.0008
Liquidation heatmap data indicates a significant liquidity pool between $0.00080 and $0.00070, which could act as a price magnet.
Sustained trading below the mid-range, however, could strengthen the bearish outlook and increase the likelihood of further downward pressure.
In summary, TOSHI's rapid price increase has been fueled by exchange listings, which drove traders to preemptively buy the memecoin. If bulls manage to hold key support levels, there may be room for additional gains. However, a break below $0.00080 could change the market dynamics and signal a potential downtrend.