In the meantime, it appeared that the sideways trading could end with a sharp move. The rate had no resistance as high as 1.8600, and the closest by support was located at 1.7000.
Daily Candle Chart
On the daily candle chart, it can be seen that the 55-day simple moving average is no longer moving higher. It has begun to fluctuate sideways near the 1.9000 level. In the case of a surge, the SMA could provide resistance.
Meanwhile, the pair was being approached by the 100-day simple moving average, which on Tuesday, March 10, was located near the 1.6700 level.
Market Depth
The market depth data gives guidance, as the buy and sell order clusters shown on the chart and data tables can be used for creating a trading strategy.
For a couple of weeks, above the 2.0600 mark at each price level there were orders to sell at least 200 Dukascoin.
Meanwhile, below the 2.0600 mark, there was a notable price level, where sell orders were located at. On Tuesday, March 10, there were orders to sell 490.97 coins at the 2.0000 level.
In the meantime, at the 1.7000 there is a major cluster of buy orders, as 1428.75 DUK+ would be bought up, if the price for the coin would reach this level.
© Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In regards to the future, the pair has two possible scenarios, as any sideways trading ends. It ends with a surge or a decline.
In the case of a surge, the pair would face no technical resistance as high as the 1.8600 level. At that level, the pair would meet with the resistance of the monthly simple pivot point. In addition, if the surge occurs slowly, the 55-day simple moving average could decline and strengthen the pivot point's resistance.
On the other hand, a decline is also possible. In this scenario, the pair would look for support in the large buy order cluster at 1.7000.