TOSHI price rallied as much as 83% today, breaking out of the consolidation phase that had persisted since the beginning of September.

According to data from crypto.news, Toshi (TOSHI) shot up to an 8-month high of $0.0011 on Sep. 17, afternoon Asian time, before settling at $0.0010 at press time. At this price, it is up 50% above its September low and over 800% above its lowest point this year.

TOSHI’s price rallied as its trading volume surged nealy 2,400% over the previous day as traders exchanged over $312 million worth of tokens. The token’s market cap was sitting at $425 million when writing.

What did TOSHI price go up today?

TOSHI’s price went parabolic today after it secured listings on Binance Futures and Upbit earlier in the day. Cryptocurrencies often rally after being listed on major exchanges, as such listings boost their credibility and visibility among investors.

In TOSHI’s case, the launch of the TOSHI/USDT perpetual contract on Binance allows traders to trade the token with up to 75x leverage. The ability for traders to now open much larger positions with relatively small amounts of capital has amplified speculative activity, which has been fueling the token’s recent gains.

Upbit, on the other hand, is the leading crypto exchange in South Korea, commanding over 70% of the country’s crypto trading market. Notably, Upbit accounted for nearly 40% of TOSHI’s trading volume today.

TOSHI rally has also been supported by a drop in exchange balances observed today. Data from Nansen shows that the total balance of TOSHI tokens held on exchanges dropped by 8%, from 121.1 billion to 111.1 billion, following the listing news.

Such exchange outflows reduce the amount of tokens available for trading in the open market and reduce selling pressure on the token. 

Further, Base, the blockchain that hosts the TOSHI memecoin, recently announced at Base Camp its exploration of launching a native network token. This development may have contributed to TOSHI’s gains, as the token is widely regarded as the unofficial meme representative of the Base ecosystem.

TOSHI price analysis

On the 4-hour chart, TOSHI has confirmed a breakout from a cup-and-handle pattern following its sharp rally today. This bullish formation typically signals a reversal from prior downtrends and often precedes a sustained upward move. The neckline of the pattern was established at $0.00068, while the bottom of the cup formed around $0.00053.

Following its recent surge, TOSHI entered a consolidation phase but appears to have found support around $0.00083, a level that aligns closely with the measured target projected from the cup-and-handle breakout. Holding above this level would reinforce bullish momentum.

The Bull-Bear Power indicator shows a clear shift in favor of buyers, indicating that bulls currently dominate short-term market sentiment. However, the Chaikin Money Flow index registers a negative value, suggesting that capital is flowing out of the market—a potential warning sign of weakening demand or pending downside.

Given this mixed technical picture, a decisive rebound above $0.00083 would likely confirm it as a new support level, potentially setting the stage for a rally toward the psychological resistance at $0.0012, up 20% from the current price level.

Conversely, a breakdown below the $0.00068 neckline would invalidate the bullish setup and open the door for a retracement back toward the $0.00053 zone, which served as the base of the cup formation.