DeepBook (DEEP) Surges 35%, Signals Trend Reversal
Key Takeaways
- DeepBook (DEEP) saw a price increase of 35% to approximately $0.227 USD.
- A breakout above a downward trendline that has been in place since January suggests a potential trend reversal.
- Technical indicators such as the MACD currently support a continuation of the upward trend.
- A sustained rise above $0.23 USD could pave the way toward the all-time high of $0.34588 USD.
- At the same time, a drop below $0.22 USD increases the risk for long positions.
DEEP Breaks Long-Term Downtrend Line
DEEP, the native token of the DeepBook project, recently overcame a key technical hurdle. The price broke through a downward trendline that had been in place since January. Analysts interpret this breakout as a signal of a potential trend reversal. After the breakout, the price initially consolidated around $0.15 USD before rising to its current level of approximately $0.227 USD. This represents a daily gain of about 35%.
Technical Indicators Suggest Upside Potential
A look at the technical data reveals: The MACD (Moving Average Convergence Divergence) – an indicator used to detect trend changes – is currently sending bullish signals. The MACD line is at 0.03381, above the signal line at 0.01956. The histogram is also positive at 0.01425. These values support the continuation of the upward movement.
Resistance and Support Levels to Watch
DEEP is currently in a critical zone. If the price can sustainably rise above $0.23 USD, a move toward the previous all-time high of $0.34588 USD is conceivable. If the breakout succeeds, short-term targets of $0.34 to $0.35 USD could also be reached.
However, if DEEP fails to break through this level, a pullback to $0.15 USD is possible. This level has recently established itself as a support. A break below it could trigger further selling and push the price toward $0.10 USD.
Liquidation Data Reveal Leverage in the Market
Data from the liquidation heatmap show that many traders have opened leveraged long positions at $0.2217 USD – some with leverage ranging from 5x to 15x. These positions are concentrated in the range between $0.2208 and $0.2280 USD.
If DEEP continues to rise, short positions at $0.24 and $0.25 USD could be liquidated. This would trigger a so-called short squeeze – a rapid upward price movement as short sellers are forced to cover their positions. Conversely, a drop to $0.22 USD could trigger a wave of long liquidations. This could increase selling pressure down to $0.21 USD.
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Market Sentiment: More Buyers Than Sellers
A decline in short activity can currently be observed. This indicates an optimistic market sentiment. Nevertheless, caution is advised: The high concentration of long positions around $0.22 USD carries the risk of a rapid correction if the price falls below this level.
Our Assessment
DEEP is currently showing clear signs of a potential trend reversal. The breakout above the downward trendline and the positive technical indicators suggest further upside potential. However, it is important that the price sustainably exceeds the $0.23 USD mark. Only then is a move toward the previous all-time high realistic.
Traders should keep an eye on leveraged positions. A drop below $0.22 USD could trigger a chain reaction. Those who are invested in DEEP or considering an investment should closely monitor short-term price movements and adjust their risk management accordingly.
Sources
- TradingView
- Coinglass
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