DeepBook (DEEP) Price Soars 37% on Upbit Listing, Trading Volume Explodes

Sui-based DeFi protocol DeepBook (DEEP) delivered a stunning 37% price rally Tuesday, fueled by an explosive surge in trading volume following major exchange listing news.

DeepBook (DEEP) price surged more than 37% on Tuesday, recovering sharply from a seven-week lows hit last week as the DeFi protocol saw a massive volume spike following major exchange listing news.

DEEP last traded at $0.1280, up sharply from lows of around $0.089, while volume soared by over 1,550% after Announcment that South Korea's largest crypto exchange, Upbit, will be listing DEEP/KRW.

Upbit (Krw Market) Support✅

Supported Market : KRW Market

? Trading opens at: 2025-04-22 14:30 KST estimated

? Discover more:https://t.co/kH4GUABioe#Upbit #DEEP@DeepBookonSui pic.twitter.com.com/07La5jn255

The sudden price gains saw DEEP recover the 20-day Exponential Moving Average (EMA) at the $0.081 level, breaking out of a prolonged consolidation phase.

Strong momentum was also evident in a bullish engulfing candle and a breakout above the upper Bollinger Band ($0.106), signaling high volatility and strong buying pressure.

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Upbit Listing Taps Key Korean Market

This Upbit listing taps into South Korea's high crypto engagement, with over 16 million citizens—more than 30% of the total population—now holding accounts with major digital asset exchanges. These include Upbit, Bithumb, Coinone, Korbit, and Gopax, according to a March-end report.

Given Upbit's large footprint in the Korean market, the listing grants DeepBook access to one of the most engaged crypto user bases globally.

However, the listing terms include a temporary buy limit during the initial five minutes of trading and price restrictions to prevent excessive slippage, as noted by Upbit's official communication.

Technical Analysis: What The Indicators Say

As seen on the daily chart below, the Relative Strength Index (RSI) is currently at 75.11—deep in overbought territory—suggesting potential for a pullback or consolidation in the short term.

High RSI levels like these are usually followed by a brief cooling period unless sustained by ongoing volume and momentum.

The Bollinger Bands have widened significantly, indicating increased volatility. The current price has crossed the upper band ($0.106), which could indicate that the move is becoming overextended in the short term.

However, if DEEP manages to sustain momentum above this level, it could signal the formation of a new uptrend, with the next resistance zone at the $0.18–$0.20 range, last seen during January's peak.

In a bearish scenario, DEEP could revisit support at the 20-day EMA, now a critical demand zone at $0.081. A break below this level could send the price back toward the middle Bollinger Band at $0.071.