23 Apr 2025
DeepBook Protocol (DEEP) Explodes In Price After Binance Listing
DeepBook’s price saw an upwards momentum after an announcement on April 15 that its v3.1, which offers permissionless pools, reduced fees, and deeper liquidity, will launch on the Sui Network.
A huge rally was started when Binance announced that DEEP would be listed on its futures platform on April 22. The rally was further bolstered that same day when Upbit, a South Korean exchange, announced its DEEP listing.
Today, the DeepBook Protocol token doubled in value and has continued to rise, approaching its peak price of $0.344. Will the rally falter or can DEEP keep up its momentum and set a new record high? Let's investigate.
Source: Coinmarketcap
On April 9, DEEP emerged from a descending resistance trend line, according to the daily time frame analysis. Following that, it confirmed the end of the downwards pressure by recapturing the $0.09 horizontal resistance zone. Following the previously mentioned Binance and Upbit listings, the rally went into a parabolic phase on April 22. The price of DEEP hit the 0.618 Fibonacci retracement resistance level today, peaking at $0.23.
Despite being overbought, technical indicators have not produced any bearish divergences. There is no indication of weakness in the Moving Average Convergence/Divergence (MACD) or Relative Strength Index (RSI). The price can rise 66% to an all-time high if the DEEP rally continues.
Though overbought, the six-hour RSI and MACD do not exhibit any weakness, just like the daily time frame. The wave count, however, indicates that the DEEP price increase may be coming to an end soon.
DEEP is in wave five of the completed five-wave upward movement (green) displayed by the wave count. Additionally, the sub-wave count indicates that wave five is either finished or nearing its end. This outlook is supported by the price being at the Fibonacci retracement resistance level of 0.618.
In spite of the potential for a short-term peak, the increase is most likely wave A in an A-B-C corrective structure.
Therefore, the price of DEEP may correct toward the 0.5-0.618 Fibonacci support at $0.116-$0.142, but it will then start to rise again.
With an increase of more than 150% over the last two days, DEEP led the cryptocurrency market rally. Although the price has hit a crucial Fibonacci resistance level, there is no indication of weakness in the price action.
The wave count, however, indicates that the price will soon hit a local peak and start a corrective decline.
Altcoin News Binance Binance Exchange SUI token Deep Protocol
