DEEPBOOK Set for Explosive Move to 0.11!?The current DEEP/USDT 4-hour chart shows the price consolidating after a strong upward move, and now it's nearing a crucial decision point. Using Fibonacci retracement, we can identify key support and resistance levels that could dictate the next big move.
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Key Support Zones:
The price is currently sitting near the 0.618 Fibonacci retracement level, historically a strong area of support for a potential bullish bounce.
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Further support is found at the 0.5 level, indicating that there’s a high chance the price could reverse upwards from here.
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Strong support from SUI/USDT, as indicated in the chart, adds extra confidence to the bullish potential.
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Resistance Levels:
The first major hurdle lies around the 0.786 Fibonacci level and the psychological resistance at 0.100.
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If the bullish momentum continues, the long-term target could be the 1.618 Fibonacci extension at 0.113, signaling significant upside potential.
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Price Action Scenarios:
In the bullish scenario, the price could bounce from the current support levels, pushing towards the 1.618 extension for an explosive move upward.
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In the bearish scenario, if the support fails, the price could dip further towards the 0.382 or 0.236 Fibonacci levels before finding solid footing again.
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In summary, DEEP/USDT is at a pivotal moment. A breakout from here could lead to massive gains, while a failure to hold support could trigger a deeper correction. Don’t miss this potential opportunity as the market braces for its next big move!
