The cryptocurrency market continues to exhibit a bullish trend, as evidenced by the rise of Ethereum and other altcoins, including DeepBook Protocol.
Ethereum and Altcoins on the Rise
The broader cryptocurrency market is riding a bullish wave, led by Ethereum (ETH), which has surged 17% over the past week and is now trading above $3,700. This bullish sentiment is spilling into altcoins, including DeepBook Protocol (DEEP).
DEEP's Harmonic Pattern
On the daily timeframe, DEEP is currently forming a textbook Bearish Gartley harmonic pattern, which often signals a continuation rally before eventually reaching a reversal zone. This pattern began at point X near $0.3449, retraced to point A, climbed to point B, and then corrected down to point C around $0.1048. From that low, DEEP has reversed sharply and is now holding a bullish trajectory near $0.1960, trading well above its 100-day moving average.
Outlook for DeepBook Protocol
If the harmonic structure continues to play out, the Potential Reversal Zone (PRZ) lies between $0.2809 and $0.3449, aligning with the 0.786 and 1.0 Fibonacci extensions. A rally into this zone would represent up to 76% potential upside from current levels. For this bullish outlook to remain valid, DEEP must hold above its 100-day MA near $0.1615, which now acts as critical support.
The current state of the cryptocurrency market is positive, with signs of growth opening new opportunities for investors. However, maintaining key support levels is essential for the reliability of the ongoing trend.
