Toshi Price Forecast: TOSHI bulls eye double-digit gains amid fresh momentum
- Toshi price hovers around $0.0010 on Thursday after soaring more than 20% the previous day.
- Rising open interest and the recent OKX listing added to the bullish outlook.
- The technical outlook suggests gains towards the $0.0012 mark.
Toshi (TOSHI) memecoin price steadies at around $0.0010 at the time of writing on Thursday, having rallied more than 20% the previous day. The rising open interest and the recent listing on the OKX exchange further support the bullish thesis. On the technical side, bulls are aiming for higher highs toward the 0.0012 mark.
TOSHI surpasses Chiliz market capitalization
Toshi, a meme coin named after Coinbase co-founder Brian Armstrong’s cat, has rallied more than 27% so far this week. This rally followed the recent announcement that TOSHI would be listed on the OKX exchange on Tuesday, as a centralized exchange listing typically signals increased liquidity, accessibility, and investor confidence in the token.
CoinGecko data below show that Toshi’s market capitalization reached $425.62 million on Thursday, surpassing other altcoins, such as Chiliz (CHZ) and Compound (COMP), and securing the 217th spot in the overall crypto market capitalization table.
Additionally, futures’ OI in Toshi at exchanges rose from $10.11 million on October 1 to $17 million on Thursday, the highest level since September 20, and has been consistently rising. Rising OI represents new or additional money entering the market and new buying, which could fuel the current TOSHI price rally.
TOSHI open interest chart. Source: Coinglass
Toshi Price Forecast: Bulls aiming for $0.0012 mark
Toshi price retested and found support around the upper trendline boundary on September 26, and rallied by more than 46% in the next 11 days. At the time of writing on Thursday, it hovers at around $0.0010.
If TOSHI continues its upward trend, it could extend the rally toward the 50% retracement level at $0.0012.
The Relative Strength Index (RSI) on the daily chart reads 69, nearing the overbought conditions, indicating strong bullish momentum. The MACD indicator also showed a bullish crossover last week, and it continues to hold and support the bullish view.
TOSHI/USDT daily chart
However, if TOSHI faces a correction, it could extend the decline toward the weekly support at $0.0007.
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