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 15.
There are orders to buy at least 100 coins at each exchange rate level below the 3.3000 mark.
In regards to sell orders, there are orders to sell almost a thousand coins at 3.6200 and 4.0000
Moreover, most importantly to note is the wall of 14,349.74 ask orders at 3.5100. This wall appeared in the aftermath of the changes in the low liquidity fee on February 25.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
Last week, a portion of the sell orders from the 3.5100 mark were cancelled and the market participants sold at lower prices, pushing the rate down to 3.4000.
It is the second time that a dip occurred, as sell orders were cancelled at the wall at 3.5100. 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 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.