As Bitcoin reclaims lost levels since yesterday, many altcoins have recovered nicely, with Toshi posting a minor gain in the past 24 hours. While under retracement, we can expect a strong bounce back soon.
In the last bullish phase, several tokens on the Base network gained a lot of traction, including Toshi, which saw over 300% gain in a month. The $0.00099 level stopped the rally in mid-May, and the crypto lost steam due to a sharp rejection.
Following a broad selling phase, characterised by a lower low and lower high pattern on the 4-hour chart, the price retraced by approximately 30% to a low of $0.00047 in four weeks. This retracement is considered a retest of a major breakout of a resistance during May’s surge, and as we can see on the daily chart, the mentioned low is acting as support.
Aside from that, the price has recovered briefly from there and is now looking relatively strong daily. A strong recovery above this acting support could fuel another impulsive move capable of bringing the bulls back in action. As of now, there’s not much volatility in the market.
An extension of this retracement phase could bring more setbacks for the bulls before finding a solid ground to foot a fresh increase. April’s low is a major support to watch in case of a breakdown. But from the look of things, the bulls will likely come back as Bitcoin continues to recover.
TOSHI’s Key Levels To Watch
If Toshi holds the current weekly low well, it must reclaim the $0.00063, $0.0008 and $0.00099 resistance levels well. A clear break above them should fuel a rally to the $0.00136 level and potentially $0.0025.
Retracing below the current weekly low of $0.00047 might bring a retest at the $0.00038 support level. There’s also support at $0.003 in case of more dips.
Key Resistance Levels: $0.00063, $0.00008, $0.00099
Key Support Levels: $0.00047, $0.00038, $0.0003.
- Spot Price: $0.00053
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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