Date: Wed, July 23, 2025 | 06:40 AM GMT
The broader cryptocurrency market continues to ride a bullish wave, led by Ethereum (ETH), which has surged 17% over the past week and is now trading above $3,700. This bullish sentiment is spilling into altcoins— including DeepBook Protocol (DEEP).
DEEP has surged 62% in the past 30 days, and while its rally has been impressive, a developing harmonic pattern on the daily chart suggests there may be more upside ahead.
Harmonic Pattern Hints at Upside Continuation
On the daily timeframe, DEEP is currently forming a textbook Bearish Gartley harmonic pattern, which often signals a continuation rally before eventually reaching a reversal zone.
This pattern began at point X near $0.3449, retraced to point A, climbed to point B, and then corrected down to point C around $0.1048. From that low, DEEP has reversed sharply and is now holding a bullish trajectory near $0.1960, trading well above its 100-day moving average (MA).
What’s Next for DEEP?
If the harmonic structure continues to play out, the Potential Reversal Zone (PRZ) lies between $0.2809 and $0.3449, aligning with the 0.786 and 1.0 Fibonacci extensions. A rally into this zone would represent up to 76% potential upside from current levels.
For this bullish outlook to remain valid, DEEP must hold above its 100-day MA near $0.1615, which now acts as critical support. A retest of this level would be normal, but maintaining it is key for keeping the uptrend intact.
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