The price of DeepBook Protocol (DEEP) has increased in the past 24 hours, and it is the best-performing cryptocurrency on Monday morning. In the longer term, the digital asset has been recovering since it broke out of a descending channel following its all-time high in January.
During the day, DeepBook's price fluctuated by about 38.71%, hitting a low of $0.1824 and a high of $0.253. Its trading volume also went up sharply by about 214%, as over $453.61 million of the token's supply changed hands between wallet addresses.
As of 2:00 PM Monday (UTC), DEEP was trading at around $0.23, keeping about 25% of its gains in the 24-hour chart. It also went up by more than 149% in a week and 247% in a month.
At this point, DeepBook Protocol is 32% below its all-time high of $0.3436, which it reached three months ago. Still, it has recovered a lot since it dropped to $0.046 earlier this month when it lost all its momentum after the January peak.
Why Is It Trending Up?
On the 4-hour chart, DeepBook seems to be moving inside a bullish pennant after staying in a consolidation phase last week. If the token keeps up its trading volume, it could go up even more in the short term. But traders and investors should watch the Relative Strength Index (RSI) in the same timeframe, as its numbers are getting closer to the oversold territory.
Also, crypto market sentiment seems to be at an indecisive stage within the "Neutral" level at this time. It might be a good idea for traders to see where it's going before they start trading to lower their risk. If possible, they should use a market-neutral strategy during the process and keep a stop-loss order in mind within the flag's lower trendline.
In terms of the fundamentals, DEEP's listing on Binance Futures last week helped it rally even more. This lets people trade DEEPUSDT Perpetual Contracts on the platform with up to 50x leverage. It also opened the door for DEEP to be part of the futures marketplace's Copy Trading program.
In general, adding DeepBook Protocol to the world's biggest crypto exchange broadens its market reach to over 235 million registered users in 180 countries, which will make it more liquid and shows that it meets even Binance's strict requirements.
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