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Stellar’s Lumen Technical Analysis – Resistance Levels in Play – 050419

By:
Bob Mason
Published: Apr 5, 2019, 03:01 UTC

Stellar's Lumen is on the move early and a break back through to $0.12 levels could see a rebound on the cards later in the day.

Stellar coin trading chart for monitoring XLM values of stellar and buying crypto currency on the exchange. Copy space.

Key Highlights

  • Stellar’s Lumen slid by 1.66% on Thursday. Following on from a 0.49% fall on Wednesday, Stellar’s Lumen ended the day at $0.11866.
  • A late morning intraday high $0.12563 saw Stellar’s Lumen fall short of the first major resistance level at $0.1330.
  • A late in the day intraday low $0.11594 saw Stellar’s Lumen steer clear of the first major support level at 0.1136.
  • The bearish trend remained firmly intact in spite of solid gains since February. Stellar’s Lumen failed to hold onto the 23.6% FIB Retracement Level of 0.1369 to take a run at the 38.2% FIB of $0.1643.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Resistance

Stellar’s Lumen slid by 1.66% on Thursday. Following on from a 0.49% fall on Wednesday, Stellar’s Lumen ended the day at $0.11866.

Tracking the broader market, Stellar’s Lumen rose to a mid-morning intraday high $0.12563 before hitting reverse.

Falling short of the first major resistance level at $0.1330, Stellar’s Lumen slid to a late intraday low $0.11594.

Steering well clear of the day’s first major support level at $0.1136, Stellar’s Lumen found support late in the day to limit the losses.

The extended bearish trend remained intact, in spite of 5 weeks in the green out of the last 6. Stellar’s Lumen failed to hold above the 23.6% FIB Retracement Level of $0.1310 on Wednesday.

For the bulls, the losses for the current year were reversed this week, with Stellar’s Lumen up by 4.9%, year-to-date. A broad-based crypto rally led to Stellar’s Lumen breaking through the 23.6% FIB of $0.1310 on Wednesday before easing back. Monday through Thursday, Stellar’s Lumen was up by 7.98%. For a bullish trend formation, however, Stellar’s Lumen will need to break through the 38.2% FIB of $0.1643.

At the time of writing, Stellar’s Lumen was up by 0.91% to $0.11974. A bullish start to the day saw Stellar’s Lumen rise from a morning low $0.11888 to a high $0.12099 before easing back. Stellar’s Lumen left the day’s major support and resistance levels untested in the early hours.

XLM/USD 05/04/19 Daily Chart

For the day ahead,

A move back through to $0.12 levels would support another run at the first major resistance level at $0.1242. Barring a broad-based crypto rally, we would expect Stellar’s Lumen to fall short of the 23.6% FIB of $0.1310 for a 2nd consecutive day. In the event of a breakout, the second major resistance level at $0.1298 would likely limit the upside on the day.

Failure to move through to $0.12 levels could see Stellar’s Lumen hit reverse later in the day. A fall through the morning low $0.11888 would bring the first major support level at $0.1145 into play. Barring a crypto meltdown, we would expect Stellar’s Lumen to avoid sub-$0.1130 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.1145

Major Resistance Level: $0.1242

23.6% FIB Retracement Level: $0.1310

38% FIB Retracement Level: $0.1643

62% FIB Retracement Level: $0.2180

Please let us know what you think in the comments below

Thanks, Bob

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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