DEEP Token Falls 15% Amid Bearish Market Signals
At a Glance
- DEEP token saw a price drop of over 15% within 24 hours.
- Short positions dominate the market – funding rate stands at -0.2448%.
- Technical indicators suggest a possible correction toward USD 0.157.
- Despite sell-offs, exchange data also shows signs of accumulation.
Current Market Situation of DEEP
Following a massive price surge of over 430%, the DEEP token of the DeepBook protocol is showing initial signs of weakness. The current price is around USD 0.2067 – a drop of more than 15% in a single day. At the same time, trading volume fell by 55%, indicating waning interest and growing uncertainty.
Short Pressure Increases
A look at the Open Interest Weighted Funding Rate reveals a clearly bearish market sentiment. With a value of -0.2448%, many traders are betting on falling prices. This negative funding rate means that short positions are prevailing, and traders are willing to pay to hold these positions – a clear sign of selling pressure.
Technical Analysis: Correction Likely
A “Bearish Engulfing” pattern is visible on the daily chart. This formation often appears at local highs and signals a potential trend reversal. If this pattern is confirmed, the price could drop another 22% – with a possible support level at USD 0.157.
Indicators Point to Overbought Conditions
The Relative Strength Index (RSI) is at 78, indicating an overbought market. At the same time, the Chaikin Money Flow (CMF) shows a value of -0.05, pointing to capital outflows and increasing selling pressure. Taken together, these values suggest an overstretched price movement that could favour a correction.
On-Chain Data: Accumulation Despite Sell-Offs
Despite the negative sentiment, data from CoinGlass shows that DEEP tokens worth around USD 870,000 have been withdrawn from exchanges over the past 48 hours. Such outflows suggest that some market participants are using the current weakness to build positions – a possible sign of long-term confidence.
Liquidations Increase Downward Pressure
As the price declined, around 19% of open positions were liquidated. These forced sales temporarily increase selling pressure and accelerate downward price movements. At the same time, open interest is falling, indicating declining market activity and increased caution among traders.
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Our Assessment
The DEEP token is currently under significant selling pressure. Technical indicators, market sentiment, and price movements all point to a short-term correction. The USD 0.157 level could serve as the next key support. However, exchange outflows show that some investors are betting on a recovery. Anyone interested in DEEP should closely monitor the price action and on-chain data. In the short term, risk prevails, but in the medium term, a new buying opportunity could emerge.
Sources
- CoinGlass
- TradingView
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