Deep Price continues its explosive rally, breaking the key technical levels with a momentum that increases while the bulls turned on the bar of $ 0.30.
The price of the DeepBook Protocol (DEEP) has increased by more than 35% in the last 24 hours, currently negotiating around $ 0.23, the volume increasing by almost 400%. Today’s push extends the explosive rally that started on April 22, when the deep price broke out of the consolidation beach between $ 0.05 and $ 0.10, where it has been negotiated for about a month.
The catalyst behind the escape was the launch by Binance of a perpetual contract on the margin of the USD for deep tokens with a lever effect up to 50x. This brought the price from an opening level of $ 0.08,984 to an intra -day summit of $ 0.1849 on April 22, marking 105% pump in a single day.
The momentum continued the next day, April 23, after Deep was listed on the South Korean crypto exchange upbit, sending the price to a new intraday summit of $ 0.2315 before entering a brief consolidation phase. After a few days of lateral movement, Deepbook exploded again on April 27 and continues to climb.
Before the explosive escape of the consolidation range from $ 0.05 to 0.10 on April 22, the deep price had already shown in early signs of force when leaving a downward trend of several months. A descending trend line, connecting the lower vertices from February to mid-April, was decisive raped from April 18 to 19.
Currently, DeepBook is negotiated about $ 0.23 with a strong bullish dynamic, as the price action reflects but also in technical indicators. The MacD continues to show a solid bullish crossing with an expanding histogram, indicating that the bulls are in control. Bollinger strips on the daily graphic are developing strongly, reporting an increase in volatility. RSI is deeply in the exaggerated territory above 84, suggesting that if the momentum is firmly optimistic, a withdrawal arrives.
From a structural point of view, the price now addresses the resistance around the area from $ 0.25 to $ 0.26, where he briefly culminated in early February. If the momentum continues, the next key target is between $ 0.28 and $ 0.30, corresponding to the first lower than high touch to the descending trend line.
Upon decrease, immediate support can be found from about $ 0.18 to $ 0.19, the old escape area of April 22. When the deep price experiences a decline, this support would be crucial to maintaining the current bullish structure. A deeper retirement could find support around $ 0.15, where the price is briefly consolidated before its last leg higher.
