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.
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 16.
In regards to sell orders, there are orders for the sale of more than 400 coins at the 1.7200 mark.
In the meantime, there are two clusters of orders at 1.7700/1.8300 and 1.8700/1.9500. In the 1.7700/1.8300 there are orders to sell 978 coins. At the 1.8700/1.9500 zone there are orders for 1,298 Dukascoin.
The total amount of these ask orders reaches 2,683.00
Meanwhile, bid orders are spread out from 1.2600 up to 1.4200. In this zone there are orders for 2,373 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 2,683 coins versus bid orders for 2,373 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.