In the meantime, the rate still faces a massive wall of sell orders at 3.5100. Moreover, almost thousand orders have been moved to the 3.4500 level.
Daily Candle Chart
What can be concluded from the technical chart is that the simple moving averages fail to impact the currency exchange rate. Namely, if the 55-day SMA failed to push the rate up, it is unlikely that the 100 and 200-day SMAs would do the same.
Note the 100-day SMA approaching the rate from below, near the 3.2000 mark.
In addition, there are no clearly observable trends on the 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 March 8.
There are orders to buy at least 100 coins at each exchange rate level below the 3.3000 mark.
Meanwhile, take into account that there are orders to buy 200 coins at 3.2800, 375 coins at 3.2700 and 400 at 3.2600.
In regards to sell orders, there are orders to sell almost a thousand coins at 3.4400 and 3.4500.
Moreover, most importantly to note is the wall of 21,366.26 ask orders at 3.5100.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
It can be assumed that, previously, a portion of the sell orders from the 3.5100 mark were cancelled and the market participants took the buy orders in the range down to the 3.4500 level.
In the future, the same scenario could repeat. Namely, holders, who want to sell their coins, over time could give in and agree for the lower prices below the 3.3000 mark.
On the other hand, if the sellers that make up the wall at 3.5100 and the sellers of the 3.4500 hold, the rate would most likely remain flat.
Meanwhile, a highly unlikely scenario would be that a large participant or a group of participants enter the market and take the other side of the sell orders at the 3.5100 level.