DeepBook Protocol (DEEP) Soars Following New Listing — Will the Momentum Sustain?

Date: Tue, April 22, 2025 | 05:40 AM GMT

In the cryptocurrency market today, DeepBook Protocol (DEEP) — the decentralized central limit order book (CLOB) built on Sui — has surged into the spotlight. Its native token, DEEP, has exploded by over 37% in the last hour, fueled by a major listing announcement.

Source: Coinmarketcap

Upbit Announces DeepBook Protocol (DEEP) Listing

The sharp rise comes after Upbit, South Korea’s largest cryptocurrency exchange, confirmed it would list DEEP for trading. Trading is scheduled to start at 02:30 KST on April 22, 2025, in the KRW market pair.
Notably, just a few days earlier on April 16, Upbit had introduced DEEP but only for BTC and USDT pairs. The addition of a KRW pair today has clearly injected new life into the token.

Source: @Official_Upbit (X)

Given Upbit’s massive influence in South Korea’s crypto scene, this new listing could dramatically boost DEEP’s liquidity, attract fresh retail traders, and possibly draw interest from bigger institutional players.

Will the Momentum Sustain?

Zooming into the daily chart, today’s explosive move triggered a clean breakout from an Inverse Head and Shoulders pattern — a classic bullish reversal formation.
DEEP smashed through the neckline resistance around $0.10, quickly surging toward the next major resistance zone around $0.17. However, it faced heavy selling pressure there, leading to a pullback to around $0.12, where it’s currently hovering.

DeepBook Protocol (DEEP) Daily Chart/Coinsprobe (Source: Tradingview)

It’s important to note that DEEP is still trading below its 100-day moving average (100 MA) at $0.14, which remains a key dynamic resistance level.
The chart suggests DEEP might now retest the $0.10 breakout zone — a move that would be seen as a healthy retest to confirm the strength of the breakout. If buyers step in around that area, it could set up the next leg higher.

Looking back at past Upbit listings , the initial listing pumps often didn’t sustain for long. However, the current Inverse Head and Shoulders breakout gives bulls more technical ammunition compared to previous short-lived rallies.

Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.