The price of Toshi (TOSHI) memecoin is stable at around $0.0010 at the time of writing on Thursday, having risen by more than 20% on the previous day. The rising open interest and recent listing on OKEx exchange support the bullish thesis. On the technical side, the bulls are targeting higher highs towards the 0.0012 mark.
Toshi overtakes Chiliz market capitalization
Toshi, the meme coin named after Coinbase co-founder Brian Armstrong’s cat, is up more than 27% so far this week. The rally follows the recent announcement that TOSHI will 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 shows that Toshi’s market capitalization reached $425.62 million on Thursday, surpassing other altcoins like Chiliz (CHZ) and Compound (COMP) and ranking 217th in the overall crypto market capitalization table.
Additionally, the OI of futures in Toshi across exchanges increased from $10.11 million on October 1 to $17 million on Thursday, the highest level since September 20, and continues to rise. The rising OI represents the entry of new or additional money into the market and new purchases, which could fuel the current TOSHI price rally.
Toshi Open Interest Chart. Source: CoinGlass
Toshi Price Forecast: Bulls aim for $0.0012 mark
Toshi’s price retested and found support around the upper trendline boundary on September 26, and gained more than 46% over the next 11 days. At the time of writing on Thursday, it was at around $0.0010.
If TOSHI continues its uptrend, it could extend the rally to the 50% retracement level at $0.0012.
The Relative Strength Index (RSI) on the daily chart reads 69, which is close to overbought conditions, indicating strong bullish momentum. The MACD indicator also showed a bullish crossover last week, and it continues to maintain and support the bullish view.
Toshi/USDT Daily Chart
However, if TOSHI faces a correction, it could extend the decline to the weekly support at $0.0007.
