Stellar’s Lumen Technical Analysis –Looking to Lead the Way – 17/05/18

Key Highlights

• Stellar’s Lumen slipped 2.64% on Wednesday, following Tuesday’s 5.97% fall, to end the day at $0.3321.
• An intraday low $0.3159 early in the day saw Stellar’s Lumen fall through the first major support level at $0.3280 to test for support at the second major support level of $0.3166.
• An intraday high $0.34207 fell short of the day’s first major resistance level at $0.3621, with selling pressure at the 23.6% FIB Retracement Level of $0.3408 pinning Stellar’s Lumen back.

How to Buy Stellar’s Lumen

Stellar Lumen’s Price Support

Stellar’s Lumen slipped 2.64% on Wednesday, following Tuesday’s 5.97% fall, to end the day at $0.3321. An early morning fall saw Stellar’s Lumen slide through the day’s first major support level at $0.3280 to an intraday low $0.3159, testing support at the second major support level at $0.3166 before a late morning recovery.

A middle of the day $0.34207 intraday high failed to test the day’s first major resistance level at $0.3621, with the negative sentiment across the broader market seeing a build-up of selling pressure at the 23.6% FIB Retracement Level of $0.3408 that led to an early afternoon dip to $0.31756 before an upward trend through the remainder of the day to an end of day $0.3321.

There was some good news for the Lumen bulls, with Stellar’s Lumen managing to avoid falling to a new swing lo in the early hours of Wednesday, while also ending the day above the day’s first major support level, though a failure to test major resistance levels and break through the 23.6% FIB Retracement Level will have been a concern on the day.

At the time of writing, Stellar’s Lumen was up 1.05% to $0.33482, an early morning move through to a $0.34506 seeing Stellar’s Lumen break through the 23.6% FIB Retracement Level of $0.3408 to test the day’s first major resistance level at $0.3441 before pulling back to $0.33 levels.

Mixed sentiment across the broader market restricted Stellar’s Lumen through the early part of the day and will likely continue to influence key support and resistance through the day ahead.

For Stellar’s Lumen, a move back through to the first major resistance level at $0.3441 would support a run at the second major resistance level at $0.3562 and more importantly, bring the 38.2% FIB Retracement Level of $0.3647 into play.

A break through and hold above the 38.2% FIB Retracement Level would bring the near-term bearish trend formed at late April’s swing hi $0.46547 into question, lack of pressure on key resistance levels on Wednesday having left the bearish trend intact going into today.

Failure to move through to $0.35 levels could see a pullback later in the day, though we would expect Stellar’s Lumen to leave the day’s first major support level at $0.3180 untested, barring particularly dire news hitting the wires.

Looking at the Technical Indicators

Major Support Level: $0.3180

Major Resistance Level: $0.3441

Fib 23.6% Retracement Level: $0.3408

Fib 38% Retracement Level: $0.3647

Fib 62% Retracement Level: $0.4032