Stellar’s Lumen Technical Analysis – Looking to Trend Set – 16/04/18

Key Highlights

• Stellar’s Lumen rallied 15.6% on Sunday, following Saturday’s 3.1% to end the weekend at $0.29437.
• A start of the day $0.25327 held above the first major support level of $0.2424, whilst testing buyer appetite at the 23.6% FIB Retracement Level of $0.2503.
• A late morning rally saw Stellar’s Lumen hit an intraday high $0.30606, breaking through the day’s major resistance levels, before ending the day at around the 3^rd resistance level of $0.2952.
• The bullish run steers well clear of the 23.6% FIB Retracement Level of $0.2503 through the day.

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How to Buy Stellar Lumens: The Complete Guide

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Stellar’s Lumen Price Resistance

Things could have been even better if $0.30 levels could have been held by the close, but with the near-term bullish trend affirmed following the weekend’s moves instigated by Thursday’s rally, investors managed to avoid hitting the sell-button in fear of a shift in sentiment at the start of the week.

A rally through the morning saw Stellar’s Lumen move off the day’s $0.25327 low and 23.6% FIB Retracement Level of $0.2503 to an intraday high $0.30606, breaking through the day’s major resistance levels to hit $0.30 levels for the first time since 14^th March.

Of greater significance was Stellar Lumen’s end of the day $0.29437 that managed to hold at around the 3^rd resistance level of $0.2952 without a late in the day sell-off, affirming the more positive sentiment across the cryptomarket.

With the latest bull trend formed at 6^th April’s swing lo $0.18567, the move through to $0.30 levels continued to reverse the longer-term bearish trend that had been formed at 20^th March’s swing hi $0.28182, though much will now be dependent upon the news wires and market forces through the early part of the week.

At the time of writing, Stellar’s Lumen was down 1.15% to $0.28991, partially reversing Sunday’s 15.61% rally, but certainly not causing any cause for alarm, with the recent uptick in volatility across the cryptomarket likely to lead to some investors locking in the sizeable gains seen last week.

A morning sell-off that followed the broader market trend saw Stellar’s Lumen fall from the morning’s high $0.30557, short of the day’s first major resistance level of $0.3159, to a $0.27733 low testing support at the 23.6% FIB Retracement Level of $0.2776, whilst managing to avoid the day’s first major support level of $0.2631.

For the day ahead, while sentiment has been weak across the market, a Stellar recovery could be on the cards in the middle part of the day, with a move back through to $0.29 levels likely to be considered the first signs of a run at $0.30 levels and a look at Sunday’s $0.30606 high.

Failure to move through to $0.29 levels could see support wane in the afternoon, bringing the day’s first major support level of $0.2631 and 38.2% FIB Retracement Level of $0.2601 into play, with sub-$0.26 levels unlikely to be seen today, barring the release of particularly dire news from regulators or a Bitcoin free fall towards sub-$7,000 levels.

Looking at the Technical Indicators

• Major Support Level: $0.2631
• Major Resistance Level: $0.3159
• Fib 23.6% Retracement Level: $0.2776
• Fib 38% Retracement Level: $0.2601
• Fib 62% Retracement Level: $0.2317