- DEEP surged 37% and reclaimed the 20-day EMA after Upbit announced a DEEP/KRW listing.
- Trading volume spiked 1,550%, driven by rising Korean interest and Upbit’s user base of over 16 million.
- RSI at 75 and a Bollinger Band breakout suggest short-term overheating, but momentum remains strong.
Sui-based DeFi protocol DeepBook (DEEP) delivered a stunning 37% price rally Tuesday, fueled by an explosive surge in trading volume following major exchange listing news.
DEEP now trades near $0.1280, up sharply from ~$0.089, with volume spiking by over 1,550% following the announcement that South Korea’s largest crypto exchange, Upbit, will list DEEP/KRW for trading, starting April 22 at 14:30 KST.
The sudden price surge saw DEEP reclaim the 20-day Exponential Moving Average (EMA) at the $0.081 level, breaking out of a prolonged consolidation phase.
Strong momentum was confirmed by a bullish engulfing candle and a breakout above the upper Bollinger Band ($0.106), signaling intense volatility and buying pressure.
Related: Could a SUI ETF Be Coming? Market Hopes for Price Boost
Upbit Listing Taps Key South Korean Market
This Upbit listing taps into South Korea’s high crypto engagement, where over 16 million citizens—more than 30% of the total population—now hold accounts with major digital asset exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, as per a March-end report.
Given Upbit’s dominance in the Korean market, listing on the exchange gives DeepBook access to one of the most active crypto user bases globally.
However, the listing terms include a temporary buy limit during the initial five minutes of trading and price restrictions to prevent excessive slippage, as noted by Upbit’s official communication.
Technical Analysis: What the Indicators Say
As per the daily chart below, the Relative Strength Index (RSI) currently stands at 75.11—well into overbought territory—indicating potential for a pullback or consolidation in the short term.
Historically, such high RSI levels are often followed by brief cooling periods unless supported by continued volume and momentum.
Bollinger Bands have widened significantly, signaling increased volatility. The current price has pierced the upper band ($0.106), suggesting the move could be overstretched in the short term.
However, if DEEP sustains momentum above this level, it could signal a new uptrend forming with the next resistance zone around the $0.18–$0.20 range, last seen during January’s peak.
Related: South Korea’s Bithumb Adds DEEP Token With Trading Incentives
In a bearish scenario, DEEP could revisit support near the 20-day EMA at $0.081, which now acts as a critical demand zone. A break below this could send the price back toward the middle Bollinger Band at $0.071.
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