- DeepBook Protocol (DEEP) surged 12% today as the broader crypto market recovered, with Bitcoin and Ethereum both gaining over 2%.
- DEEP is forming a falling wedge pattern on the daily chart, which typically signals exhaustion of selling pressure and potential upside reversal.
- The token is currently trading around $0.1209 after bouncing from key support at $0.1023, showing bulls are defending crucial levels.
- A breakout above the wedge resistance could target the 100-day moving average at $0.1398, while failure may lead to retesting lower support levels.
Date: Mon, Sept 29, 2025 | 08:34 AM GMT
The cryptocurrency market is showing signs of recovery from this week’s volatility, which dragged Ethereum (ETH) to a low of $3,839 before rebounding above $4,100. Both Bitcoin (BTC) and Ethereum (ETH) are now up more than 2% today, lifting sentiment across major altcoins — including DeepBook Protocol (DEEP).
DEEP is back in the green with an 12% jump today, and more importantly, its chart is signaling the development of a bullish reversal pattern that could dictate its next major move.
Falling Wedge Pattern in Play
On the daily chart, DEEP appears to be forming a falling wedge — a technical pattern that often indicates the exhaustion of selling pressure and the potential start of an upside reversal.
The recent correction pulled DEEP down to the wedge’s lower boundary near $0.1023, which has acted as a strong support zone in recent sessions. At the time of writing, the token trades around $0.1209, showing that bulls are once again stepping in to defend this crucial level.
What’s Next for DEEP?
If DEEP continues to hold above the wedge’s base and gathers strength, a move toward the upper resistance trendline of the wedge looks likely. A successful breakout from this resistance could unlock further upside potential, initially targeting the 100-day MA at $0.1398 and possibly higher levels beyond.
On the other hand, if DEEP faces rejection near the wedge resistance and struggles to reclaim the moving average, the token could revisit the support trendline before making another attempt higher.
For now, the pattern suggests that DEEP is at a critical turning point — either gearing up for a bullish breakout or preparing for one more test of lower levels.
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