The situation occurred due to a 20% spread on Monday, January 4. Note that the publication uses the ask prices, but some use bid price charts. The ask price record was 7.0000 and the bid was 5.8000.
In regards to the prior week, the DUK+/EUR rate has retreated and started to trade sideways between 4.0000 and 5.0000.
On Monday, January 11, it appeared that the situation could change, as sell and buy orders shown at dukascoin.com revealed that buy orders are at 3.8100 and sell orders at 4.2500. Namely, the pair could trade in the 3.8100/4.2500 zone.
Daily Candle Chart
On the daily candle chart, one needs to zoom out to spot that the daily simple moving averages were left far below the rate. Namely, the 55, 100 and 200-day simple moving averages were located, respectively, at 2.4330, 2.0620 and 1.8050.
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 January 11.
There are two close by buy order clusters that have orders for more than 100 coins to be bought. There are orders to buy 100 coins at 3.9900 and 414 coins could be bought 3.8100.
Meanwhile, notable sell orders are present only at 4.2500 where 103.58 coins are set to be sold.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In the near term future, the DUK+/EUR rate was expected to trade sideways in the 3.9900/4.2500 zone.
A surge or decline could occur, if a group of traders or a larger market player decides to take the orders at the ceiling or bottom of the mentioned zone. Namely, one could push the price up or down by buying the 100 coins that are offered for 4.2500 or selling nearly 100 coins for 3.9900.