Will a new all-time high (ATH) be reached after DEEP's 35% surge in the price charts?
Rewritten Article:
- Calling all DEEP believers! 🚀
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- DEEP's price has broken out from a prolonged downtrend, indicating a potentially promising market future!
- The altcoin saw a 35% surge to $0.22731, closely coinciding with an increase in trading volume
DeepBook Protocol (DEEP) has grabbed the attention of crypto enthusiasts today after its price breached an extended trendline, a resistance it hasn't managed to escape since January. This obstacle seems to be history now, hinting at a brighter future ahead.
Post-breakout, DEEP displayed signs of accumulation around $0.15, with the altcoin embarking on an uptrend. As we speak, it's trading at an impressive $0.22731. This fascinating jump mirrors the surge in trading volume on the same day.
The MACD, a trusty technical indicator, supports this bullish trend. As the MACD line crossed above the Signal line, it stood at 0.03381, while the positive histogram's value reached 0.01425.
If DEEP maintains its upward momentum, there's a chance it might revisit its all-time high of $0.34588. The market could accelerate to $0.34-$0.35 if the price surpasses $0.23 in this ongoing bullish phase.
However, it's crucial to keep an eye on the price staying above $0.23. Failure to do so might result in a reversion towards $0.15 - a level that may act as a resistance. In such a scenario, bearish forces could intensify, targeting support levels around $0.10.
The breakout and bullish MACD suggest positive continuation possibilities. But, there's some inherent risk at significant resistance zones, as profit-taking activities can cause market volatility and temporary price corrections.
An analysis of volumes near $0.23 indicates the need for close observation before DEEP makes its next move. A break and sustained stay above $0.34 would see DEEP claim a new record on the charts.
DEEP in the hot seat 🔥🔥
Our data analysis also reveals that traders increased their long positions significantly when the price hit $0.2217, as evidenced by spikes at 5x to 15x leverage points on the liquidation map. The long positions were mainly concentrated in the price range between $0.2208 and $0.2280, especially as cumulative long liquidation leverage peaked.
Meanwhile, short sellers appear to be waning in the market.
A sustained upward push from DEEP would trigger liquidation for shorts located at $0.24 and $0.25, potentially setting off a short squeeze, with effects felt at $0.26 and $0.27.
Alternatively, traders with long positions at $0.2217 may face liquidation if DEEP falls to the $0.22-price level. This might intensify selling pressure until $0.21 and even lower.
At the moment, short selling activity near current trading levels is on the decline, suggesting a sustained uptrend in the market. However, a sudden market decline could occur from the densely positioned long trading position at $0.22.
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- Are you ready to ride the DEEP wave? Don't miss this opportunity to be a part of its exciting journey!
- The altcoin DEEP, previously stuck in a long downtrend, has recently flashed a breakout, reaching $0.22731 – a level not seen since January.
- The surge in DEEP's price seems to coincide with an increase in trading volume, suggesting increased interest from investors in this cryptocurrency.
- Lennox, a crypto enthusiast, saw the potential in DEEP after its breakout and promptly made a long position, citing the bullish MACD as a factor in his decision.
- As DEEP continues its uptrend, technology enthusiasts are keeping a close eye on its charts, with hopes of it revisiting its all-time high of $0.34588.
- In the finance world, trends like the DEEP breakout are closely monitored, as they can indicate larger shifts in the crypto market, such as the potential rise of altcoins like XRP.
