The most notable difference from the previous week was that there were no longer dips occurring to the downside. The last short lived drop to the 3.5000 mark occurred on April 13.
In regards to the sell order wall, it has decreased. On April 23, 7,144.00 coins were set to be sold at 3.5100. Previously, on April 13, at this level there were orders to sell 8,211.00 coins.
Daily Candle Chart
Note that SMAs and pivot points are useful in a market that is trending in larger or smaller waves either up or down.
In the case of DUK+/EUR in 2021, there are no trends or directions, as price action is dictated by sudden inflows and outflows of sell or buy orders in an environment of low liquidity. Due to that reason, for now, avoid using the mentioned technical levels for guidance.
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 April 23.
There are orders to buy at least 100 coins at each exchange rate level below the 3.0000 mark. At most levels it is exactly 100 coins. Due to that reason it can be assumed that a larger market player has set up his orders to buy up coins, if the price declines.
In regards to sell orders, on April 23 the wall of sell orders at 3.5100 consisted of 7,144.00 sell orders.
In addition, there were orders to sell 1,500.00 coins at 3.6200.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In regards to the near term future, the rate is most likely going to remain flat at 3.5100. However, an inflow of liquidity could move the price.
On the one hand, the left over sellers that still have orders at 3.5100 could give in and take the other side of the buy orders at and below 3.0000. In this case scenario, the DUK+/EUR rate would drop to the mentioned level.
On the other hand, the buyer or buyers, who took out sell orders on March 23, could repeat their actions. In theory, if they would buy up around 8,000.00 coins, the rate should surge to the 3.6200 level. At that level there are orders for additional 1,500.00 coins to be sold.