Although, the pair has conducted various dips downwards, as sellers give in and reduce the asking price. However, on July 6, there was a clear lack of bid orders, as the closest by pending bids were located at the 2.9700 level. Due to that reason, the pair was expected to remain flat.
Daily Candle 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 July 6.
There are orders to buy at least 100 coins at almost each exchange rate level below the 2.9700 mark. At most levels it is exactly 100 coins. Due to that reason it can be assumed that a larger market player keeps orders to buy up coins, if the price declines.
In regards to sell orders, on July 6the wall of sell orders at 3.5100 consisted of 15,302.36 sell orders.
In addition, there were orders to sell 1,397.65 coins at 3.6200. The orders at 3.6200 had not changed since June 2.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In the near term future, the rate was most likely going to remain below the 3.5100 mark. That is assumed as it would take more than 15,000.00 coins to be bought for the price to move above this level.
Meanwhile, a decline of the price is more likely due to the lack of buy orders as low as the 2.9700 level. The price for Dukascoin could reach this level, if sellers begin to give in to the stalemate and start selling for lower prices.