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Stellar’s Lumen Technical Analysis – Bearish Outlook Remains – 12/06/18

By:
Bob Mason
Published: Jun 12, 2018, 10:25 UTC

It's been another reversal through the morning as investors look to lock in profits, the bearish trend looking ever more resilient.

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Key Highlights

  • Stellar’s Lumen gained 3.62% on Monday, following Sunday’s 13.88% slide, to end the day at $0.25231
  • An intraday high $0.25331 fell short of the day’s first major resistance level at $0.2693 and the 23.6% FIB Retracement Level of $0.2901 before an afternoon sell-off.
  • Stellar’s Lumen fell to an intraday low and new swing lo $0.23416 in the late afternoon before recovering, the day’s first major support level at $0.2244 untested for the day.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen gained 3.62% on Monday, partially reversing Sunday’s 13.88% slide, to end the day at $0.25231.

A bullish start to the day saw Stellar’s Lumen make up lost ground through the morning, with Stellar’s Lumen hitting an intraday high $0.25331 before investors locked in profits through the afternoon, with the intraday high falling short of the day’s first major resistance level at $0.2693 and more importantly, the 23.6% FIB Retracement Level of $0.2901.

The afternoon reversal saw Stellar’s Lumen pullback to $0.23 levels with an intraday low and new swing lo $0.23416, the moves through the afternoon supporting the extended bearish trend formed at 29th April’s swing hi $0.46547.

The only good news for the Lumen bulls on the day was that Stellar’s Lumen managed to steer clear of the day’s first major support level at $0.2244, while the day’s ending $0.23416 was some way off the 23.6% FIB Retracement Level needed to be cleared to raise the prospects of another attempt at forming a bullish trend.

At the time of writing, Stellar’s Lumen was down 1.7% to $0.24844 with an early reversal leading Stellar’s Lumen to an intraday low $0.24409 before recovering to current levels, the morning’s reversal managing to avoid the day’s first major support level at $0.2399.

For the day ahead, a move back through $0.25 levels would be needed to support a run at the day’s first major resistance level at $0.2590, the morning’s $0.25294 having fallen short in the early part of the day.

Failure to break back through to $0.25 levels could see Stellar’s Lumen take a hit later in the day, with the day’s first major support level at $0.2399 in play as the bearish trend across the cryptomarket continues in the wake of negative regulatory noise from the weekend.

For Stellar’s Lumen to begin reversing the extended bearish trend, a move through the 38.2% FIB Retracement Level of 0.3228 is going to be needed and for that to happen, sentiment across the market is going to need to see a significant improvement in the coming days.

https://www.tradingview.com/x/CQHNq88i/

Looking at the Technical Indicators

Major Support Level: $0.2399

Major Resistance Level: $0.2590

Fib 23.6% Retracement Level: $0.2891

Fib 38% Retracement Level: $0.3228

Fib 62% Retracement Level: $0.3773

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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