Bithumb, one of South Korea’s largest cryptocurrency exchanges, has announced the listing of the DeepBook Protocol (DEEP) token. Starting January 8, 2025, DEEP is available for trading in the Korean Won (KRW) market.
The trading will commence at 3:00 PM with a base price of 230 KRW, giving users the opportunity to trade the token directly against the national currency.
Bithumb Launches DEEP Token Trading on Sui Network
According to the Bithumb notice, DEEP token will work only on the Sui network, and the token deposits from other networks will not be accepted. The deposits and withdrawals were opened right after the announcement of the official timing limit which was two hours. According to Bithumb, it takes 20 network confirmations for deposits to be credited to users’ accounts.
To foster a fair and secure trading process during its launch, some certain measures have been put in place. New buy orders are not accepted in the primary market during the first five minutes of trading session. The sell orders are also limited to within ±10% and ±100% of the base price during this time period. Additionally, the automated trading will be allowed only after the first trade has occurred.
An official said in an interview, “These measures are put in place to protect the market and prevent price manipulation during the initial trading period.” The listing of DEEP comes after Bithumb added other tokens like PEAQ and Vana to its KRW market in recent days.
Deposit and Withdrawal Guidelines
In compliance with the Travel Rule, Bithumb has observed that deposits and withdrawals shall only be made through supported exchanges. Tokens received from other unsupported platforms will not be credited to users’ accounts and the refund process may extend to several months.
Before transferring their DEEP tokens, users are recommended to double-check the deposit address as well as the network. The exchange also informed its users that dealings through restricted exchanges may result in account limitations in accordance with the exchange’s terms of service.
“More specifically, when making deposits or withdrawals, please confirm that the token is on the same network and has the same address as your Bithumb account,” the exchange said.
DEEP Token Performance and Technical Analysis
The DeepBook Protocol (DEEP) has been quite bullish, with the price sitting at $0.1741 and a 24-hour trading volume of $56.1 million as of the time of writing. On the DEEPUSD 3-hour chart, the market has formed a rising wedge pattern, which is a bearish pattern. During the rally, the price is trading close to the resistance level of $0.1750 with the support levels being at $0.1536(50 MA) and $0.1174 (200 MA).
On the DEEP price chart the short-term 50 moving average is currently positioned above the long-term 200 moving average. This crossover is usually seen as a buy signal, meaning that the token has continued to rise in the short-term.
Nevertheless, it seems that this momentum is slowing down as the price nears the upper border of the wedge. If the price falls downward from the pattern, analysts believe that it may continue to decline to $0.10 levels. On the contrary, if the $0.1750 level is breached on the upside, then there could be an upward trend.
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