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 19.
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 orders to buy up coins, if the price declines.
In regards to sell orders, on May 19 the wall of sell orders at 3.5100 consisted of 8,869.80 sell orders.
In addition, there were orders to sell 1,397.65 coins at 3.6200 and 1,111.00 coins could be sold at 4.0000.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
In the near term future, the rate was most likely going to remain below the 3.5100 mark. That is assumed as it would take more than 8,500.00 coins to be bought for the price to move above this level.
Meanwhile, a decline of the price is more likely due to the lack of buy orders as low as the 3.0000 level. The price for Dukascoin could reach this level, if sellers begin to give in to the stalemate and start selling for lower prices.