Dramatic Increase in TOSHI Value: A 40% Jump in One Day - Can the Rise Last?
TOSHI, the memecoin named after Coinbase CEO Brian Armstrong's cat, has been making waves in the crypto news market. In a dramatic turn of events, TOSHI surged over 90% from $0.00059 to $0.0011, a move primarily driven by traders front-running the centralized exchange listings of the memecoin.
The explosive rally of TOSHI followed as traders attempted to front-run the listings, with Binance announcing a Futures listing for TOSHI on September 17th. This was followed by listings on LBank and Upbit Korea, causing a significant increase in TOSHI's trading volume, which surged over 3000%.
As of press time, TOSHI's gains had been reduced to around 55%, but the crypto's sustained uptrend depends on holding above the mid-range of its rising channel, approximately $0.00086. If the mid-range is defended as support, late bulls could fight for an extra 33% gain, potentially reaching the upper channel of TOSHI's rising channel.
However, a dip to the range lows could be feasible if bulls lose the mid-range around $0.00086 and short sellers gain an edge. A sustained move below the mid-range could reinforce short-sellers' edge and potentially lead to a lower price for TOSHI.
It's worth noting that a liquidity pool exists between $0.00080 and $0.00070 that could act as a price magnet. Some traders are taking profit from the TOSHI rally, and losing $0.00080 could dent the outlook for a sustained uptrend in TOSHI's price.
The Fed rate cut, if somewhat cautious, could potentially attract TOSHI's price due to the increased liquidity in the market. However, this article does not discuss the price of Bitcoin, Ethereum, or any other cryptocurrency other than TOSHI.
It's important to remember that the information provided does not constitute financial, investment, trading, or other types of advice and is solely the writer's opinion. Traders are encouraged to conduct their own research and make informed decisions.
In conclusion, TOSHI's performance in the crypto market has been exciting to watch, and its future remains uncertain. Whether TOSHI can maintain its uptrend or face a correction remains to be seen. Keep a close eye on this memecoin as it continues to make waves in the cryptocurrency world.
