Stellar’s Lumen Technical Analysis – Bucks the Trend Early – 28/06/18

Key Highlights

• Stellar’s Lumen gained 4.09% on Wednesday, partially reversing Tuesday’s 7.73% slide, to end the day at $0.19099.
• An intraday low $0.18015 hit in the early afternoon held above the day’s first major support level at $0.1771.
• A mid-afternoon rally led Stellar’s Lumen to a late in the day intraday high $0.19327, coming within reach of the day’s first major resistance level at $0.1941 before easing to the day’s ending $0.19099.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen gained 4.09% on Wednesday, partially reversing Tuesday’s 7.73% slide, to end the day at $0.19099.

In a relatively choppy day, Stellar’s Lumen was under pressure through the morning, while finding support at $0.18 levels to avoid a pullback to $0.17 levels.

Failed attempts at a breakout in the late morning to $0.19 levels saw Stellar’s Lumen slide to an intraday low $0.18015 that held well above the day’s first major support level at $0.1771, leading to a second half of the day rally that saw Stellar’s Lumen move through to an intraday high $0.19327, testing the day’s first major resistance level at $0.1941 before easing back to an end of day $0.19099.

The continued failure to break out from major resistance levels and the 23.6% FIB Retracement Level at $0.2442 has left the extended bearish trend formed at late April’s swing hi $0.46457 firmly intact, with no signs of a bearish trend reversal in sight.

At the time of writing, Stellar’s Lumen was down 0.06% to $0.19087 in what’s been a range bound start to the day by Stellar Lumen standards.

An early morning $0.19243 high came up short of the day’s first major resistance level at $0.1961, with a mid-morning $0.18807 low managing to steer clear of the day’s first major support level at $0.1830 in spite of the broad based market sell-off, with Stellar’s Lumen having bucked the trend earlier in the morning with minor gains.

For the day ahead, a move through the morning’s high $0.19243 high would support a run at the first major resistance level a $0.1961 to bring $0.20 levels into play, though with sentiment across the broader market negative through the early part of the day, $0.20 levels will be some way off, leaving the extended bearish trend intact.

Failure to move back through the morning’s $0.19243 high could see Stellar’s Lumen catch up with the broader market through the afternoon, with the first major support level at $1830 in play, though we would expect Stellar’s Lumen to avoid bringing sub-$0.18 support levels into range barring particularly dire crypto news hitting the wires through the day.

Looking at the Technical Indicators

Major Support Level: $0.1830

Major Resistance Level: $0.1961

Fib 23.6% Retracement Level: $0.2442

Fib 38% Retracement Level: $0.2865

Fib 62% Retracement Level: $0.3548