Previously, the rate stood at the 2.5100 level, as at that level it faced the sell orders for more than 1,500.00 coins.
There is a reason why the rate faces a wall of sell orders at the 2.5100 level. The reason is the low liquidity fee application level, which has been set at 2.5000 EUR per DUK+. This level was set on July 20.
Note that throughout summer the rate traded flat at the exact level of the application level of the low liquidity fee. From July 20, there was a massive amount of sell orders at 2.5100. Previously, on July 15, the fee was applied at 3.0000. Due to that reason, there were sell orders for thousands of coins at 3.0000. Prior to July 15, the fee was applied at 3.5000, and orders stood at 3.5100.
Information about the changes can be found in the dukascoin fees and limits page.
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 October 29.
In regards to sell orders, a minor wall of sell orders is located at 2.5100, as 1,555.51 coins are up for sale at this level.
However, before the 2.5100 mark, there are notable orders at the 2.3800 level where 179 coins might be sold. Meanwhile, above the 2.5100 level, there are notable orders at round price levels like the 2.5500, 2.6000, 2.6500 and 2.7000 levels.
On the other hand, the most close by buy orders were located more than 40 cents below the rate at 1.9400. Moreover, these were insignificant amount of orders. Notable buy orders are located only at 1.8400, where 400 coins might be bought up.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
A surge of the pair is highly unlikely due to the wall of sell orders at 2.5100, where the coin owners intend to sell without the added fee.
Meanwhile, a decline is also unexpected, as there are no buy orders as low as 1.9400. In addition, there are orders for a small quantity of coins.
Due to the stalemate, it can be expected that the DUK+/EUR rate would remain flat. However, if some of the sell order owners at 2.5100 give in to pressure, and if new buyers come into the market, selling might occur.