Stellar’s Lumen Technical Analysis – Holding on Early – 04/09/18

Key Highlights

• Stellar’s Lumen fell by 2.4% on Monday, following on from Sunday’s 0.38% decline, to end the day at $0.22.
• A start of a day reversal saw Stellar’s Lumen fall from an intraday high $0.22873 to a late morning intraday low $0.21951 before recovering to $0.22 levels.
• The moves through the morning saw Stellar’s Lumen call on support at the first major support level at $0.2210, while major resistance levels were left untested.
• With Stellar’s Lumen continuing to fall shy of the 23.6% FIB Retracement Level of $0.2314, the extended bearish trend formed back at late July’s swing hi $0.352 remained intact.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen fell by 2.4% on Monday, following a 0.38% decline on Sunday, to end the day at $0.22.

Tracking the broader market, Stellar’s Lumen slid from a start of a day intraday high $0.22873 to a late morning intraday low $0.21951, the moves through the early morning seeing Stellar’s Lumen fall through the day’s first major support level at $0.221, while managing to steer clear of the second major support level at $0.2167.

A mid-day recovery saw Stellar’s Lumen break back through the first major support level at $0.221 to an afternoon high $0.22688 before reversing late in the day to test the day’s first major support level for a second time.

The moves through the start of the week left the extended bearish trend intact, with Stellar’s Lumen continuing to fall shy of the 23.6% FIB Retracement Level of $0.2314, the crypto bulls needing to break out to $0.25 levels and the 38.2% FIB Retracement Level of $0.2544 to begin forming a bearish trend reversal.

At the time of writing, Stellar’s Lumen was up 0.2% to $0.22244, with Stellar’s Lumen recovering from a start of a day morning low $0.21951 to a morning high $0.22302, moves through the early part of the day leaving the major support and resistance levels untested.

For the day ahead, holding above $0.22 levels through the morning would support a second half of a day move to bring the day’s first major resistance level at $0.226 into play, with any breakout from the day’s first major resistance level dependent upon sentiment across the broader market at the time.

Failure to hold on to $0.22 levels through the morning could see Stellar’s Lumen take a hit later in the day, with a pullback to $0.21 levels bringing the day’s first major support level at $0.2167 and second major support level at $0.2135 into play, any negative news hitting the wires likely to weigh heavily on Stellar’s Lumen.

Bitcoin will likely be the market barometer for Stellar’s Lumen through the day, with Bitcoin’s latest CFTC Commodity of Traders report likely to have some influence later in the day.

Looking at the Technical Indicators

Major Support Level: $0.2168

Major Resistance Level: $0.2260

Fib 23.6% Retracement Level: $0.2314

Fib 38% Retracement Level: $0.2544

Fib 62% Retracement Level: $0.2917