Stellar’s Lumen Technical Analysis – Bearish Trend Reversal – 04/06/18

Key Highlights

• Stellar’s Lumen gained 2.58% on Sunday, following Saturday’s 2.48% rise, to end the day at $0.30486.
• A start of the day $0.29617 low held well above the day’s first major support level at $0.2885, while Stellar’s Lumen broke through the day’s first major resistance level at $0.3048 to an intraday high and new swing hi $0.30975.
• The breakout from the 23.6% FIB Retracement Level of $0.2957 affirmed a near-term bullish trend.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Resistance

Stellar’s Lumen gained 2.58% on Sunday, following Saturday’s 2.48% rise, to end the week up 11.75% to $0.30486, Monday through Sunday.

An early pullback to an intraday low $0.29617 was the start of a relatively choppy day, with the day’s low holding well above the first major support level at $0.2885, before a mid-morning rally saw Stellar’s Lumen break through the 23.6% FIB Retracement Level of $0.2957 and the day’s first major resistance level at $0.3048 to an intraday high $0.30975 before easing back to $0.30486 by the day’s end.

A mid-afternoon dip to $0.29757 found plenty of support, with the broader market sentiment improving through the day to support a hold at $0.30 levels to affirm a near-term bullish trend formed at 29^th May’s swing lo $0.24326, with Stellar’s Lumen needing to hold above the 23.6% FIB Retracement Level of $0.2931 to continue to support a bearish trend reversal.

At the time of writing, Stellar’s Lumen was down 2.06% to $0.29859, in what’s been a particularly volatile start to the week, with Stellar’s Lumen moving to $0.30971 at the start of the day, to fall short of the day’s first major resistance level at $0.3110.

Stellar’s Lumen eased back to $0.30168 before hitting a morning high $0.3103, with Stellar’s Lumen facing plenty of resistance at $0.31 at the start of the week.

The broad based market sell-off took its toll in spite of early attempts to buck the trend, with Stellar’s Lumen sliding to an morning low $0.29441 before recovering to current levels, Stellar’s Lumen calling on support at the day’s first major support $0.2974 to hold above the 23.6% FIB Retracement Level of $0.2941, supporting the near-term bullish trend formed at late May’s swing lo $0.24326.

For the day ahead, a move back through $0.3036 would support another run at the day’s first major resistance level at $0.3110 to continue the near-term bullish trend, with any improved sentiment across the market through the middle part of the day likely to support a break out from the first major resistance level to bring the second major resistance level at $0.3172 into play.

Failure to move through to $0.30 levels to take a run at the day’s first major resistance level will likely see Stellar’s Lumen pull back through the day’s first major support level at $0.2974 to test support at the 23.6% FIB Retracement Level of $0.2941, which would bring the day’s second major support level at $0.29 into play before any recovery.

Looking at the Technical Indicators

Major Support Level: $0.2974

Major Resistance Level: $0.3110

Fib 23.6% Retracement Level: $0.2941

Fib 38% Retracement Level: $0.2843

Fib 62% Retracement Level: $0.2687