-8.53% for DeepBook — Downward momentum intensifies with weak trend indicators

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DeepBook slides 8.53% to $0.02551

Highlights

DeepBook Protocol launched on Sui Network on October 13, 2024, has a total supply of 10 billion tokens and over 4.78 billion in circulation.
The protocol reported a 24-hour trading volume of $7.48 million and market capitalization of $124.04 million, despite ongoing selling pressure.
DEEP trades at $0.02551, facing immediate resistance at $0.02760, with sustained bearish pressure and a likely range of $0.02300–$0.02800 over the next five days.

Token supply update and trading activity weigh on price sentiment

DeepBook Protocol was launched on October 13, 2024, on the Sui Network platform, featuring a total token supply of 10 billion and a current circulating supply exceeding 4.78 billion tokens. The protocol recorded a 24-hour trading volume of approximately $7.48 million and is reported to have a market capitalization of $124.04 million. These figures were accompanied by a recent update on token supply and trading activity, though price action has remained under broader selling pressure.

Downward momentum persists amid mixed intraday technical signals

Technically, DEEP is encountering sustained downward momentum, with the price below the 20-, 50-, and 200-day moving averages. Immediate resistance is seen at the Ichimoku Kijun level of $0.02760. Momentum indicators are predominantly bearish: the MACD reflects continued negative momentum, the ADX shows weak trend strength, and the RSI at 45 signals mild bearishness. The Stochastic RSI advises a buy in an overbought zone, while the CCI remains neutral; Bull/Bear Power on the daily timeframe is strongly positive, indicating intraday buyer activity not confirmed by broader trend readings.

Sideways trend expected as upside breakout risk stays low

Over the coming five trading days, DEEP is projected to fluctuate within a $0.02300–$0.02800 volatility band relative to current levels. The likelihood of a sustained price increase is assessed as very low (less than 20%), with a further decline more probable. In the main scenario, the asset is expected to trend sideways between $0.02300 and resistance at $0.02760. Should the price rise above $0.02760, a test of $0.02800 is possible; if it falls below $0.02300, additional weakness is likely.

Anton Kharitonov, expert at Traders Union, sees persistent bearish momentum in DeepBook (DEEP) with the price trading below all key moving averages. He highlights that technical signals remain negative despite intraday buyer activity, and broader sentiment does not support sustained gains. The analyst stays cautious given the weak trend and limited upside potential in the next sessions. "Until DEEP secures a clear break above $0.02760, I consider risk tilted toward further weakness or sideways action."

Previously it was reported that DeepBook Protocol (DEEP) remains under persistent bearish pressure, trading just below its short-term moving average and well beneath longer-term MAs, with daily MACD and ADX indicating weak, negative momentum. Despite a strong intraday rebound and signs of approaching oversold levels from RSI and oscillators, the prevailing trend remains bearish unless the price overcomes immediate resistance.

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.