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DeepBook Traders Brace for $0.157 Test—Will the Support Hold?

DeepBook Traders Brace for $0.157 Test—Will the Support Hold?

Author:
Ambcrypto
Published:
2025-04-30 07:00:42
18
3

DEEP’s price action has traders eyeing the $0.157 level like vultures circling wounded prey. After a brutal 30% monthly drop, the token’s chart looks like a ski slope—and shorts are piling in for another ride down.

Technical analysts point to thin order books below $0.15, where a breakdown could trigger cascading liquidations. ’It’s either bounce or bust here,’ quips one over-caffeinated Discord mod, adjusting their leverage while pretending this isn’t gambling.

Meanwhile, the ’fundamentals’ crowd mumbles about protocol adoption metrics that suspiciously resemble a flatline ECG. Nothing boosts crypto like desperation and hopium—just ask the bagholders from last cycle’s ’web3 revolution.’

Bearish on-chain metrics 

Despite these negative outlooks, some investors and traders appear to be closely monitoring the asset and even accumulating it, according to on-chain analytics firm CoinGlass.

In fact, data from the Spot Inflow/Outflow metrics revealed that exchanges witnessed an outflow of a significant $870K worth of DEEP tokens over 48 hours. Such outflows from exchanges suggest potential accumulation.

DEEP Spot Inflow/Outflow

Source: CoinGlass

Meanwhile, trader sentiment remained bearish, as they appeared to be heavily betting on the downside. As of this writing, DEEP’s OI-Weighted Funding Rate stood at -0.2448%.

That figure reflected intensified shorting activity and the growing likelihood of a near-term sell-off.

DEEP OI-Weighted Funding Rate

Source: CoinGlass

Current price momentum and fall of OI

At press time, DEEP changed hands NEAR $0.2067, down more than 15% in the last 24 hours. Of course, that kind of drop didn’t go unnoticed.

During the same period, due to its downward momentum, traders and investors abandoned the token, resulting in a 55% drop in Trading Volume.

In addition, 19% of DEEP traders’ positions were liquidated during the same period due to the price decline. This notable drop in Open Interest, along with the price decline, indicates strong bearish momentum at the time.

Price action and technical analysis 

According to AMBCrypto’s technical analysis, DEEP’s price appears to be overextended, and the chart suggests the asset may be preparing for a correction.

DeepBook Protocol (DEEP) price action

Source: TradingView

On the daily chart, a bearish engulfing candlestick pattern has emerged at the local top — a classic reversal signal.

Should this pattern confirm, DEEP could drop over 22%, with the $0.157 level acting as the next key target.

RSI and CMF flash a sell-off signal

Momentum indicators have also started flashing red. DEEP’s RSI stood at 78, placing it firmly in overbought territory.

Meanwhile, the Chaikin Money Flow (CMF) sat at -0.05, further suggesting outflows and mounting sell-side pressure.

All combined — price action, technicals, and on-chain data — point toward exhausted bullish momentum. Having said that, unless accumulation grows stronger, a corrective move might be unavoidable before the next leg up.

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