DeepBook Protocol (DEEP) Doubles in Price—Is a New All-Time High Coming?

The price of DeepBook Protocol’s token (DEEP) surged by over 100% in just one day, breaking out above key resistance and capturing the attention of crypto traders worldwide.

This explosive rally began gaining traction after DeepBook announced the launch of version 3.1 of its protocol on the Sui Network on April 15. The update introduced permissionless liquidity pools, reduced fees, and enhanced liquidity—improvements that laid the groundwork for increased user activity and investor confidence.

Currently Deepbook Price trading at $0.1981 as per Coinpedia Market data.

For a more detailed  DeepBook Protocol Price Prediction, check out our full analysis!

Binance and Upbit Listings Fuel Momentum

The real catalyst, however, came on April 22, when Binance announced the listing of DEEP on its futures platform. Almost simultaneously, South Korea's major exchange Upbit also listed DEEP, amplifying the token’s exposure and trading volume.

Following these listings, the price of DEEP doubled and continued its upward momentum, climbing closer to its all-time high of $0.344. At the time of writing, DEEP has reached a high of $0.230, touching a significant resistance level on the chart—the 0.618 Fibonacci retracement.

Technical Breakout Confirmed

From a technical standpoint, DEEP broke above a descending resistance line on April 9, signaling the end of its downtrend. Shortly after, it reclaimed the $0.090 horizontal resistance area, confirming the breakout and flipping former resistance into support.

The price action turned parabolic after April 22, as trading volume surged and investor interest spiked.

Indicators Show Strength—But for How Long?

Despite the rapid rise, technical indicators like the Relative Strength Index (RSI) and MACD remain strong. Both are in overbought territory, but neither has flashed warning signs like bearish divergences, which could indicate a reversal.

This suggests the momentum is still intact, but traders should remain cautious. The current price level sits right at a key resistance point, making the next few days crucial.

Wave Analysis Hints at a Local Top

A closer look at the wave count suggests DEEP may be nearing the end of its current upward move. The five-wave structure—typical of strong bullish trends—appears to be completing its fifth and final wave.

If this analysis holds, we could see a short-term correction before any further upside. Analysts predict a potential pullback to the $0.116–$0.142 range, aligning with the 0.5–0.618 Fibonacci support zone. This move could be part of a healthy A-B-C correction before the rally resumes.

What's Next for DEEP?

DeepBook Protocol has outperformed much of the crypto market over the past two days. The token has doubled in value, broken key resistance levels, and is now eyeing a fresh all-time high. But with strong resistance ahead and technical patterns suggesting a pause, a local top may be close.

That said, the long-term outlook remains promising, especially if the correction holds above key support levels and the protocol continues to deliver fundamental improvements.

Will DEEP hit a new high—or is this just a temporary spike? The next few days could provide the answer.