Technical momentum stays negative — DeepBook drops 7.33%

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DeepBook drops 7.33% to $0.02681 today

Highlights

DeepBook Protocol, operating on the Sui Network, has a circulating supply of 4.78 billion tokens out of a 10 billion total supply, with a reported market capitalization of $137.28 million as of February 21, 2024.
The protocol registered a trading volume of $9.07 million and officially launched on October 13, 2024.
DEEP trades at $0.02681, below its MA-20, MA-50, and MA-200, with strong bearish momentum and a support range of $0.024 to $0.029.

Circulating supply and Sui platform shape DeepBook market profile

DeepBook Protocol operates on the Sui Network and has a circulating supply of 4.78 billion out of a total 10 billion tokens. As of February 21, 2024, the protocol reported a trading volume of $9.07 million and a market capitalization of $137.28 million. DeepBook was launched on October 13, 2024.

Bearish technical outlook reinforced as oscillators signal persistent pressure

The short-, medium-, and long-term technical picture remains bearish as DEEP trades below all relevant moving averages, with the Ichimoku Kijun level at $0.03057 acting as immediate resistance. MACD and ADX both issue sell signals, while the Relative Strength Index trends lower but is not yet oversold. The Stochastic RSI remains at high levels but signals selling pressure, and the Commodity Channel Index is neutral. Bull/Bear Power suggests buyers have a slight advantage intraday, but this is not confirmed by overall momentum, which stays negative. Today's price action remains near the daily low and within a tight range, highlighting low volatility and consistent selling pressure, with mixed oscillator signals but prevailing bearish momentum.

Ongoing downside risk as volatility band contains price range

Over the next five sessions, DEEP is expected to remain within a typical volatility band from $0.024 to $0.029. The probability of a price increase remains low, with a strong chance of continued downside. If price breaks above resistance at $0.03057, a bullish scenario could develop; a firm drop below $0.024 would reinforce the bearish takeover. Unless sentiment shifts decisively, moving averages and momentum indicators continue to point toward ongoing downward pressure.

Anton Kharitonov, expert at Traders Union, sees ongoing downside momentum for DeepBook as the token remains below all major moving averages. He believes persistent selling pressure and unconvincing oscillator signals indicate that buyers lack decisive control. The analyst is cautious and notes that any bullish scenario requires a clear breakout above $0.03057. "Unless sentiment changes sharply, I expect DEEP to stay under pressure and avoid a long setup until key resistance is reclaimed."

Previously it was reported that DeepBook Protocol (DEEP) is exhibiting short-term bullish momentum trading above its 20-day moving average, though it remains under medium- and long-term selling pressure as it stays below the 50- and 200-day averages. Momentum indicators such as the MACD, ADX, and RSI reflect weak trend conviction with a bearish bias, while immediate resistance is seen near the Ichimoku Kijun level at $0.03135 amid divergence between intraday buyer strength and broader downside risks.

Source of Data: DEEP Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.