Stellar’s Lumen Technical Analysis – Resistance Levels in Focus – 09/04/18

Key Highlights

• Stellar’s Lumen gained 2.64% on Sunday, following a 4.51% rally on Saturday, to end the weekend at $0.20663.
• An intraday high $0.208669 tested the day’s first major resistance level of $0.2067, while the day’s $0.201886 low held well above the first major support level of $0.1976.
• Stellar’s Lumen closed out the day above the 23.6% FIB Retracement Level of $0.1978, supporting a short-term bullish trend, while the longer-term bearish trend remains intact.

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Stellar’s Lumen Price Resistance

Stellar’s Lumen ended the week, Monday through Friday, with a 0.71% gain, which wasn’t the most impressive of weekly gains seen across the major cryptocurrencies, but did bring to an end a number of weekly slides that have supported the longer-term bearish trend formed back at 20^th March’s swing hi $0.28182.

A move through the day’s 23.6% FIB Retracement Level of $0.1978 faced little resistance, with upbeat sentiment across the cryptomarket providing support, Stellar Lumen’s testing the first major resistance level of $0.2067 with an intraday high $0.208669 before easing back to $0.20663 by the close.

The moves through the weekend supported the view that the cryptomarkets may have bottomed near-term at the end of a particularly volatile week, with the cryptomarket enjoying a relatively quiet weekend on the news front.

While the longer-term bearish trend remains intact, a short-term bullish trend formed through the weekend, though for a reversal of the longer-term bearish trend, a move through the 62% FIB Retracement Level of $0.2398 would be needed, such a move heavily dependent upon sentiment across the broader market and the news wires, as investors wait for more news from regulators and governments of key jurisdictions on planned regulations for the cryptomarket on a domestic and global front.

At the time of writing, Stellar’s Lumen was up 2.2% to $0.21097, in what’s been a particularly choppy start to the day, with Stellar’s Lumen seeing a start of the day rally to an intraday high $0.21477 pullback to $0.20666 before recovering to $0.21 levels, supported by the upbeat sentiment across the broader market.

Stellar’s Lumen broke through the day’s first major resistance level of $0.2096, with the morning’s high $0.21097, to test the 2^nd resistance level of $0.2125, while managing to hold above the 23.6% FIB Retracement Level of $0.1978.

The morning’s $0.20447 low managed to avoid the day’s first major support level of $0.2028, supporting a bounce back to $0.21 levels.

For the day ahead, upward momentum across the cryptomarket will continue to support appetite for Stellar’s Lumen, though it could get choppy ahead should Stellar’s Lumen fail to move back to through the morning’s high to test the 2^nd resistance level of $0.2125 and make a run at the 38.2% FIB Retracement Level of $0.2139.

Any pullback later in the day will likely test the first major support level, with the recent gains likely to test investor willingness to keep positions open before the end of the day.

Looking at the Technical Indicators

• Major Support Level: $0.2028
• Major Resistance Level: $0.2096
• Fib 23.6% Retracement Level: $0.1978
• Fib 38% Retracement Level: $0.2139
• Fib 62% Retracement Level: $0.2398

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