Daily Candle Chart
On the technical chart it can be observed that the 200-day simple moving average is moving higher and could allow the rate to slightly surge. In the meantime, the 55 and 100-day SMAs were providing support at the 1.4500 level.
Meanwhile, additional technical resistance remains in the form of a new weekly R1 simple pivot point at the 1.5333.
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 June 29.
Around the 1.5600 level there are orders for more than a thousand coins to be sold. Afterwards, starting from the 1.6100 level there is a major concentration of sell orders, as at almost each level up to the 1.7000 mark there are orders to sell at least 500 coins.
In regards to buy orders, buyers could keep the rate up. More than 500 orders are at 1.4500. More than 1000 coins should be sold at 1.3900.
© Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In regards to the near term future, the coin could continue to trade sideways. However, it would occur with an increased range, as the buy and sell orders are further away from the exchange rate.
Namely, the rate could trade between the sell orders at 1.5600 and the buy orders and two daily simple moving averages at the 1.4500 mark.