Meanwhile, during the last week, the rate has remained almost flat.
Daily Candle Chart
What can be concluded from the technical chart is that the simple moving averages fail to impact the currency exchange rate. Namely, if the 55-day SMA failed to push the rate up, it is unlikely that the 100 and 200-day SMAs would do the same.
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 1.
In regards to support, starting from 3.5000 there were orders to buy 100 coins at each price level. It appears that a large market player had set up orders to take advantage of a dip by buying up more coins. These orders were spotted and have been intact since February 10.
Opposite to that, at 3.5100 there are orders to sell 6386.60 coins.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In general, the rate should remain flat, as it is squeezed in between the sell and buy orders.
However, if someone would start selling coins for the prices below 3.5000, it would move the price down. For the price to drop by one cent, one would have to buy 100 coins.
On the other hand, for the price to surge, buyers should buy the 6,386.60 coins for 3.5100