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.
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.
