Key Highlights
- DEEP price doubled within 24 hours after Binance Futures and Upbit listings.
- Breakout confirmed as DEEP reclaimed $0.090 resistance, signaling the end of a downtrend.
- Current price ($0.230) approaches the **0.618 Fibonacci level**, with all-time high ($0.344) within reach.
- Technical indicators (RSI, MACD) remain bullish despite overbought conditions.
What Fueled DEEP’s Rally?
1. Major Exchange Listings
- Binance Futures added DEEP on April 22, triggering immediate buying pressure.
- Upbit (South Korea’s largest exchange) followed suit, amplifying demand.
2. DeepBook Protocol Upgrades
The v3.1 update on Sui Network introduced:
- Permissionless liquidity pools
- Reduced fees
- Enhanced liquidity depth
👉 Explore how exchange listings impact crypto prices
Technical Analysis: Can the Rally Sustain?
Daily Chart Outlook
- Breakout Confirmed: DEEP cleared a descending resistance trendline (April 9) and held above $0.090.
- Next Target: A 66% surge would reclaim the all-time high ($0.344).
- Key Resistance: 0.618 Fib level at $0.230 (current high).
Six-Hour Chart Signals
Wave Count Suggests Caution:
- Completed 5-wave uptrend (green), potentially entering corrective wave A.
- Short-term pullback to $0.116–$0.142 (0.5–0.618 Fib support) possible before resuming uptrend.
FAQs
1. Why did DEEP’s price spike suddenly?
The Binance and Upbit listings drastically improved liquidity and accessibility, drawing institutional and retail investors.
2. Is DEEP overbought now?
While RSI and MACD show overbought conditions, no bearish divergences suggest immediate reversal risks.
3. What’s the next critical level for DEEP?
A close above $0.230 (0.618 Fib) could pave the way for a new ATH. Conversely, losing $0.142 support may trigger a correction.
👉 Learn how to trade Fibonacci retracements
Conclusion: Proceed with Cautious Optimism
DEEP’s meteoric rise reflects strong market confidence, but technicals hint at a near-term consolidation. Traders should:
- Watch $0.230 resistance for breakout confirmation.
- Monitor $0.142 support to gauge correction depth.
- Consider dollar-cost averaging (DCA) to mitigate volatility risks.
Disclaimer: This content is for informational purposes only. Cryptocurrency investments are high-risk; conduct independent research or consult a financial advisor before trading.
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