Key Highlights
- Stellar’s Lumen gained 2.5% on Tuesday, partially reversing Monday’s 7.5% slide, to end the day at $0.43551.
- An early tumble to an intraday low $0.38623 saw Stellar’s Lumen fall through the first major support level of $0.4001 and 23.6% FIB Retracement Level of $0.3994.
- Support at the 23.6% FIB Retracement Level kicked, with a morning rebound to an intraday high $0.45144 moving clear of key support levels for the rest of the day, while Stellar’s Lumen testing resistance at the first major resistance level of $0.4516.
Stellar’s Lumen Price Resistance
Stellar’s Lumen gained 2.5% on Tuesday, partially reversing Monday’s 7.5% fall, to end the day at $0.43551.
Monday’s late sell-off spilled over into Tuesday morning, leading to a tumble through the day’s first major support level of $0.4001 and 23.6% FIB Retracement Level of $0.3994 before support kicked in to leave the 2nd major support level of $0.3786 untested for the day.
While the rest of the majors struggled through the morning, Stellar’s Lumen bounced back from the morning low to an intraday high $0.45144, to break clear of the day’s major support levels and 23.6% FIB Retracement level.
The day’s high $0.45144 tested the first major resistance level of $0.4516, with the trend-bucking bounce seeing a partial reversal but all-important hold above key support levels by the day’s end.
Moves through the morning came off the back of news of Stellar’s Lumen being included on the Bitfinex exchange. The inclusion of a cryptocurrency on a popular exchange always bullish and its inclusion of Bitfinex was not the only announcement as the Stellar team continues to find success in the real world, the platform become increasingly popular, supporting a bullish outlook.
At the time of writing, Stellar’s Lumen was up 1.27% to $0.44069, with the morning seeing an upward trajectory from the start, Stellar’s Lumen moving from a start of the day $0.43542 to a morning high $0.4464 before easing back to current levels.
Moves through the morning left the day’s major support and resistance levels untested early, while sentiment towards Stellar’s blockchain platform continues to draw in support for Stellar’s Lumen that has been touted to be one of the major movers this year.
For the day ahead, a move through to the $0.45 levels would support a run at the day’s first major resistance level of $0.4626, which should bring $0.50 levels into play through the latter part of the week, broader market sentiment needing to see a material deterioration to knock Stellar’s Lumen off its bullish trend.
Failure to back through to $0.45 levels will likely see an easing back through to $0.42 levels, while sub-$0.40 support levels should remain untested through the day, barring materially negative news hitting the wires.
Looking at the Technical Indicators
- Major Support Level: $0.3973
- Major Resistance Level: $0.4626
- Fib 23.6% Retracement Level: $0.3994
- Fib 38% Retracement Level: $0.3586
- Fib 62% Retracement Level: $0.2926