DeepBook Protocol (DEEP) Secures New Listing – Can This Bullish Pattern Formation Ignite a Recovery?

Date: Wed, April 16, 2025 | 10:30 AM GMT

The cryptocurrency market has faced a sharp correction phase, with Ethereum (ETH) recording its worst Q1 performance since 2018 — dropping by over 50% since the start of the year. This brutal downturn has had a ripple effect across altcoins, including DeepBook Protocol (DEEP), which plunged more than 49% over the past 90 days.

However, today DEEP comes into the spotlight with a fresh listing, as Upbit exchange has officially listed the token to its platform, making it live for trading. Alongside this listing news, DEEP has managed to stage an impressive comeback — rallying more than 60% in the last 7 days. What’s more interesting is that DEEP is now showing signs of a bullish chart pattern that could signal the beginning of a broader recovery.

Source: Coinmarketcap

Inverse Head and Shoulders in Play?

The daily chart reveals a classic inverse head and shoulders pattern forming — a well-known bullish reversal structure. This setup could be a sign that DEEP is gearing up for a much larger recovery move if the neckline is decisively broken.

DeepBook Protocol (DEEP) Daily Chart/Coinsprobe (Source: Tradingview)

The pattern started taking shape around March 15 when DEEP faced rejection near the neckline resistance at $0.10. The rejection triggered a drop to the $0.075 region, forming the left shoulder. After a brief recovery and another rejection from the neckline, DEEP plunged further to $0.058, creating the head of the pattern. A sharp rebound followed, bringing DEEP back to test the neckline for the third time today — currently trading around $0.081.

If this pattern continues to play out, DEEP could revisit the neckline at $0.10 before pulling back toward the $0.075 level — the same area where the left shoulder formed. This move would help complete the right shoulder of the inverse head and shoulders pattern.

From there, a bounce back to the neckline followed by a breakout could trigger a strong recovery rally, with potential upside targeting the 100-day moving average and the key resistance near $0.174 — roughly 114% above the current price.

What’s Ahead?

With the Upbit listing giving DEEP fresh exposure and technicals hinting at a bottoming pattern, the coming days will be crucial. A confirmed breakout above the neckline could mark the beginning of a sustained bullish phase — but failure to hold support may lead to another retest of recent lows.

Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.

Also Read: Mantle (MNT) Heading Toward Key Support – Double Bottom Setup Hints at a Possible Reversal.