Meanwhile, the bid price for the cryptocurrency was highly volatile in the 1.2520/1.5900 range. However, by March 16, it had returned to the 1.4500 level, where the month was started. Since March 16, the pair was fluctuating between 1.4500 and 1.6000.
Asking price chart
Bid price chart
Market Depth
Market Depth reveals, where traders have set up buy and sell orders. The up to date data is published at dukascoin.com. Below, one can observe the market orders on March 31.
In regards to sell orders, there are orders for the sale of more than 1025 coins at 1.6200 and 1.6300. Additional sell orders are located at 1.7000 and 1.7300. At these levels, there are orders to sell 320 and 405 coins.
Higher above, note the resistance zone at 1.7700/1.8200.
The total amount of ask orders in the 20 cent range from 1.6200 up to 1.8200 amounts to 3,302 coins to be sold.
Meanwhile, bid orders are spread out from 1.2500 up to 1.4500. In this zone there are orders for 2,608 coins.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In regards to the future, first of all compare the ask order amount to bid orders. There are ask orders for 2,302 coins versus bid orders for 2,608 coins. Namely, there are more sellers than buyers.
Secondly, take into account that throughout 2022 the exchange rate has been constantly booking lower lows for both the bid and ask prices, despite the ask price lagging in the process, compared to the bids.