Upbit Listing Sends DeepBook (DEEP) Price Soaring 37% in Sudden Breakout

DeepBook (DEEP) saw a sharp 37 percent price jump on Tuesday following a major exchange listing. The DeFi token surged after South Korea’s largest crypto platform, Upbit, announced it will list DEEP for trading.

The DEEP/KRW trading pair is set to go live on April 22 at 14:30 KST. The announcement triggered a swift reaction in the market, pushing DEEP from around $0.089 to nearly $0.1280 within hours.

Upbit established through its official notice that users face a five-minute restriction on their initial buying process. The time-limited rule aims to decrease trading slip while minimizing early price changes after market opening.

The trading volume surged by 1550 percent when the market learned about the listing which provided support for the price increase. DEEP succeeded in reclaiming its 20-day Exponential Moving Average at $0.081 which indicated it had moved past its recent consolidation stage.

A bullish engulfing candle shaped during this period reinforced the price break through chart pattern analysis on the daily chart. The token surpassed the $0.106 upper boundary of the Bollinger Bands which suggests that volatility began increasing and intense purchase orders emerged.

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Listing on Upbit Opens Door to South Korea’s Active Crypto Market

Upbit’s decision to list DeepBook gives the token access to South Korea’s active digital asset community. Over 16 million users in the country are registered with top exchanges such as Upbit, Bithumb, and Coinone, based on recent figures.

The new exposure will boost DEEP’s trading volume and liquidity during the near future. Upbit promotes heightened investor attention because it serves as an influential platform for Asian markets that often results in rapid trading activity following new listings.

Despite the rally, technical indicators suggest caution with the Relative Strength Index at 75.11, a level that typically signals overbought conditions.

The wide spread between the Bollinger Bands shows increased market volatility. Continued buying activity will likely push DEEP toward testing resistance levels spanning from $0.18 to $0.20 which the token last reached during January.

A price reversal would find strong support at $0.081 which marks the location of the 20-day EMA. A price movement below this level presents a possibility for the price to migrate toward the middle Bollinger Band positioned at $0.071.

Conclusion

The Upbit listing has injected fresh energy into DeepBook’s market performance. With rising interest from Korean traders, DEEP’s short-term outlook now hinges on whether it can hold key support levels and sustain its upward momentum.

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