By the middle of Monday's GMT trading hours, Dukascoin was back at the 1.3000 level, where it had previously traded throughout most of April.
Daily Candle Chart
By looking at the daily candle chart, one can observe that the rate bounced off the resistance of the 100-day simple moving average at 1.7500. In the meantime, the rate was finding support in the 200-day SMA on the day after the sharp surge.
Meanwhile, take into account that short term support and resistance has been provided by the monthly simple pivot points. The pivot points slowed down the recent surge and provided support at 1.3600 during the following drop.
Market Depth
Market Depth reveals, where traders have set up buy and sell orders. The up to date data is published at dukascoin.com. Dukascopy Analytics has visualized the data by marking the buy and sell order levels on the chart. Below, one can observe the market orders on April 20.
On April 20, the most close by cluster of buy orders was located at the 1.2500 level. 1376.79 coins could be bought up at that level. In addition, 1085 coins were expected to be bought at 1.2400.
Meanwhile, more than thousand coins should be bought in the case of a decline at 1.2000 and 1.1500. At those levels there were orders to buy respectively 1200 and 2015 coins.
Afterwards, note that starting from 1.0000 there are orders to buy up at least 2000 coins at each price level.
In regards to sell orders. There are orders to buy more than 500 coins at 1.4500, 1.6000 and 1.7400.
© Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In regards to the future, above all take into account that the rate is not expected to decline due to the large amount of buy orders.
Most likely, in the current risk averse market environment the rate would trade sideways near the 1.3000 level, as it did throughout April.
However, if buying starts, Dukascoin's price is unlikely going to face strong resistance. A possible surge could pause at 1.4500, 1.6000 and 1.7400.