Key Highlights
- Stellar’s Lumen rallied 6.22% on Sunday, following Saturday’s 0.97% rise, to end the week up 5.2% at $0.22126
- An early morning intraday low $0.20565 saw Stellar’s Lumen hold above the day’s first major support level at $0.1982.
- A broad based crypto market rally saw Stellar’s Lumen break through the day’s first major resistance level at $0.216 to test resistance at the second major resistance level at $0.2241, with an intraday high $0.22424.
Stellar’s Lumen Price Resistance
Stellar’s Lumen rallied 6.22% on Sunday, following on from Saturday’s 0.97% gain, to end the week up 5.2% at $0.22126.
An early morning dip to an intraday low $0.20565 saw Stellar’s Lumen hold clear of the day’s first major support level at 0.1982, with $0.20 having been the line in the sand for the bulls through a trend bucking week that saw Stellar’s Lumen come out on top against the heavy weights of the cryptomarket, Bitcoin and Ethereum in the red for the week.
Following a start of the day dip, Stellar’s Lumen rallied through the morning and early afternoon to an intraday high $0.22424, a break out from the day’s first major resistance level at $0.2160 leading Stellar’s Lumen to test resistance at the day’s second major resistance level at $0.2241 before easing back to $0.21 levels.
In spite of the late afternoon pullback, a move back through to $0.22 levels to hold above the first major resistance level by the day’s end locked in the weekly gains, with the bulls now eyeing a move through to $0.23 levels to bring the 23.6% FIB Retracement Level of $0.2397 into play.
At the time of writing, Stellar’s Lumen was up 0.48% to $0.22232, with an early move through to a morning high $0.22391 seeing Stellar’s Lumen come up short of the first major resistance level at $0.2285 to pull back to a morning low $0.21936, before recovering to $0.22 levels.
With Stellar’s Lumen holding well above the first major support level at $0.2099 in the early hours supporting a recovery to $0.22 levels, the relatively range bound start to the day could be seen as another positive indicator, following last week’s trend bucking gains.
A move back through the morning high $0.22391 to $0.224 levels would support a break through the first major resistance level at $0.2285 to test resistance at $0.23, with sentiment across the broader market needing to stay upbeat for Stellar’s Lumen to avoid a pullback from profit taking later in the day.
Failure to move through to $0.23 levels would likely see Stellar’s Lumen pullback through the morning low $0.21936 to pin back chances of further gains at the start of the week, while we would expect the day’s first major support level at $0.2099 to be left untested today, barring particularly dire news hitting the wires, last week’s moves and this morning’s consolidation supporting the beginnings of a near-term bullish trend formation.
Looking at the Technical Indicators
Major Support Level: $0.2099
Major Resistance Level: $0.2285
Fib 23.6% Retracement Level: $0.2397
Fib 38% Retracement Level: $0.2828
Fib 62% Retracement Level: $0.3526