In the meantime, the wall of sell orders at 3.51 remained intact, as 9748.80 coins were set to be sold at this level.
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 May 5.
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 May 5 the wall of sell orders at 3.5100 consisted of 9,748.80 sell orders.
In addition, there were orders to sell 1,500.00 coins at 3.6200 and 500.00 coins could be sold at 3.3000.
© 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 3.3000. However, an inflow of liquidity could move the price.
On the one hand, the sellers 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 buyers, could push the rate up to the 3.5100 level, as they would only need to take the 500.00 sell orders at 3.3000.