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’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.
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.
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
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Thanks, Bob
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.