If bullish market forces surmount the current demand downturn, Toshi crypto could potentially reach a value of $0.007.
Toshi, the cryptocurrency associated with the Base blockchain, is currently experiencing moderate volatility with mixed short-term momentum. The digital asset is trading around €0.00048 to $0.00069, showing some instability but maintaining modest trading interest.
Over the past 24 hours, Toshi has witnessed a 5.61% price drop, following a 34% rally that commenced on Sunday, 03 August, and peaked on Wednesday, 6 August. This recent price action has resulted in a significant drop (-68% to -77%) from Toshi's all-time high of €0.0021, recorded on January 26, 2025. Despite the lower price, trading volume remains robust, averaging €14M to €28M daily.
Key technical indicators suggest that Toshi is consolidating around a critical support zone. The 14-day Relative Strength Index (RSI) is currently at 67.63, which is close to overbought territory but not extreme. The 50-day and 200-day simple moving averages (SMA) are at $0.000585 and $0.000407, respectively, with the price hovering above the 200-day SMA but near the 50-day SMA.
A visible triangle pattern on the charts could signal an upcoming breakout or breakdown. With TOSHI approaching a key support zone roughly near the 200-day SMA (~$0.0004), a bounce or a breakdown could dictate the next major movement. Several forecasts predict a potential price drop of about -24% to near $0.00053 within the next month, influenced by current technicals and sentiment.
The overall sentiment towards Toshi is cautiously bullish but volatile, making timing and risk management crucial for any position in Toshi. Traders should closely monitor volume changes and the key support area near the 200-day SMA to gauge future direction. It's worth noting that the A/D indicator and the Money Flow Index (MFI) on the TOSHI/USD chart underscore bullish weakness since June.
On a positive note, the descending triangle pattern is likely to be followed by a bullish breakout, as seen in the case of Bonk [BONK], which managed to break out past May's resistance. Moreover, a buildup of liquidity can be seen just above $0.006 on the 2-week liquidation heatmap, and there's a possibility that the findings from the 1-day TOSHI price chart align with this buildup of liquidity.
In summary, Toshi is in a consolidation phase around a critical technical support zone with a visible triangle pattern that could lead to either a breakout or breakdown. The short-term trend might see a mild correction (~-24%) before a potential rebound or further decline. As always, it's essential for traders to conduct their own research and consider their risk tolerance before making investment decisions.
- Although Toshi, associated with the Base blockchain, is currently showing some instability, it is trading around significant volumes of €14M to €28M daily.
- Traders should be aware of the potential for a price drop of about -24% to near $0.00053 within the next month, as several forecasts predict this due to current technicals and sentiment.
- Despite the lower price, the 14-day Relative Strength Index (RSI) is close to overbought territory but not extreme, and the price is hovering above the 200-day Simple Moving Average (SMA).
- A visible triangle pattern on Toshi's charts could signal an upcoming breakout or breakdown, similar to the one observed with Bonk [BONK].
- It's important for traders to closely monitor volume changes and the key support area near the 200-day SMA to gauge future direction, as well as considering other altcoins like Ethereum (ETH), XRP, Solana, and others when making investment decisions in the cryptocurrency market.
