DEEP price continues its explosive rally, breaking through key technical levels with surging momentum as bulls set their sights on the $0.30 mark.
DeepBook Protocol (DEEP) price is up over 35% in the past 24 hours, currently trading around $0.23 with volume surging almost 400%. Today’s surge extends the explosive rally that began on April 22, when DEEP price broke out of the consolidation range between $0.05 and $0.10, where it had been trading for about a month.
The catalyst behind the breakout was Binance’s launch of a USD-margined perpetual contract for DEEP tokens with up to 50x leverage. This sent the price soaring from an opening level of $0.08984 to an intraday high of $0.1849 on April 22, marking 105% pump in a single day.
Momentum continued the next day, April 23, after DEEP was listed on the South Korean crypto exchange Upbit, sending the price to a new new intraday high of $0.2315 before it entered a brief consolidation phase. After a few days of sideways movement, DeepBook exploded again on April 27 and is continuing to climb.
Before the explosive breakout from the $0.05-$0.10 consolidation range on April 22, DEEP price had already shown early signs of strength by breaking out of a multi-month downtrend. A descending trendline, connecting the lower highs from February through mid-April, was decisively breached around April 18–19.
Currently, DeepBook is trading around $0.23 with strong bullish momentum, as reflected not only in price action but also in technical indicators. The MACD continues to show a strong bullish crossover with an expanding histogram, indicating that bulls are in control. Bollinger Bands on the daily chart are expanding sharply, signaling increased volatility. RSI is deep in overbought territory above 84, suggesting that while momentum is firmly bullish, a pullback is coming.
From a structural perspective, the price is now approaching resistance around the $0.25-$0.26 zone, where it peaked briefly in early February. If the momentum continues, the next key target lies between $0.28 and $0.30, corresponding to the first lower high touching the descending trendline.
On the downside, immediate support can be found around $0.18 -$0.19, the former breakout zone from April 22. When DEEP price experiences an pullback, holding this support would be crucial to maintain the current bullish structure. A deeper retracement could find support around the $0.15, where the price briefly consolidated before its latest leg higher.
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