In regards to the wall of sell orders, on November 4, it appeared that orders for more than 2,700.00 coins to be sold were spread out from 2.4900 up to 2.5300.
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 November 4.
In regards to sell orders, there were minor clusters of sell orders located at 2.3800/2.4000 and 2.4400/2.4600. In each of these zones there were orders to sell more than 300 coins.
Meanwhile, from 2.4900 up to 2.5300 there were orders to sell more than 2,700.00 coins, as the sell order wall of the liquidity fee had increased.
On the other hand, notable buy orders could be found at 1.9000, 1.7800, 1.7100, 1.5500 and 1.5000. However, at these levels only around 200 coins could be bought up.
© Dukascopy Bank SA
© Dukascopy Bank SA
Future outlook
It is unlikely that the rate could pass the sell order wall of the 2.5100 mark. However, due to the fact that there are no massive amounts of sell orders up to the wall, the rate could return to being flat just below the 2.5100 level.
In regards to a potential decline, the holders of the coins should give in and take the other side of the buy orders at 1.9000. As more holders give in, the lower the price would decline.