Stellar Lumens Technical Analysis – Support Levels Being Tested Again 01/03/2018

Key Highlights

• Stellar’s Lumen slipped to a Wednesday low $0.32458, before ending the day down 6.9% at $0.33075.
• Wednesday’s slide saw Lumen fall through its first and second major support levels of $0.3437 and $0.3314.
• Following some solid gains through Monday, a bearish trend resumed on Tuesday through to this morning.

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Stellar Lumen Price Support

Stellar Lumens slid by 6.9% on Wednesday, with Lumen’s intraday high $0.3656 falling short of any major resistance levels.

The declines through the day were largely in line with the market trend, with negative news hitting the news wires in the afternoon ultimately pulling the cryptocurrencies into the red by the close, though Lumen’s decline was amongst the largest on the day.

Investors were quick to get out on the slide, with Lumen falling through its 1^st two major support levels of $0.3437 and $0.3314, with an intraday low $0.32458, while also closing below the first major support level, with a closing price of $0.33075.

Following Wednesday’s decline, Lumen is down another 0.77% to $0.32845 at the time of writing, with the bearish trend has continued through the early part of the day, with Lumen slumping to an intraday low $0.30998, falling through its first major support level of $0.3150 before bouncing back to $0.32 levels at the time of writing.

For the day ahead, a move through its 23.6% FIB Retracement level of $0.3243 eased some of the negative sentiment, though a move through its 38.2% FIB Retracement level of $0.3304 may face more selling pressure.

Should we see Lumen move through to $0.34 levels, we should see a move through to its first major resistance level of $0.356, which could reverse the recent bearish trend formed on Tuesday.

Failure to hold on to levels above its 38.2% FIB Retracement level would increase selling pressure and lead to a pullback to sub-$0.325 levels through the middle of the day, bringing $0.315 resistance back into play.

Market sentiment at the time of writing had improved from the Wednesday sell-off, which should provide some additional support to Lumen, though as we have seen in recent weeks, sentiment can change quickly, with investors lacking the conviction to hold on to intraday gains, as regulatory chatter continues to hit the news wires ahead of the G20 Summit this month.

Looking at the Technical Indicators

• Major Support Level: $0.3150
• Major Resistance Level: $0.3560
• Fib 23.6% Retracement Level: $0.3243
• Fib 38% Retracement Level: $0.3304
• Fib 62% Retracement Level: $0.3403