Stellar's Lumen attempts to track Ripple's XRP through the morning, off the back of Monday's rally, with $0.25 levels a key breakout point.
Stellar’s Lumen gained 1.22% on Monday, following on from Sunday’s 3.97% rally, to end the day at $0.249.
A relatively range bound start to the day saw Stellar’s Lumen ease back from a start of a day morning high $0.24639 to an early morning intraday low $0.24243 before steadying through the rest of the morning, the moves through the early part of the day leaving the major support and resistance levels untested.
Off the back of a relatively range bound morning, a choppier second half of the day saw Stellar’s Lumen take a number of runs at $0.25 levels only to come up short, with a late in the day intraday high $0.24932 also coming up short of the day’s first major resistance level at $0.2533.
Last week’s rally and the upward move through the start of this week have driven Stellar’s Lumen through the 23.6% FIB Retracement Level of $0.2287 and 38.2% FIB Retracement Level of $0.2433, bringing Stellar’s Lumen closer to a resumption of a bullish trend formation that had reversed in late October’s sell-off. For the bulls, upward momentum through the middle part of the week would support the formation of a near-term bullish trend, Stellar’s Lumen needing to take a run at the 62% FIB Retracement Level of $0.2668 and avoid a mid-week reversal.
At the time of writing, Stellar’s Lumen was up 0.27% to $0.24968, a bullish start to the day seeing Stellar’s Lumen rise from a morning low $0.249 to a morning high $0.252 before easing back, Stellar’s Lumen testing the day’s first major resistance level at $0.2514 early in the day.
For the day ahead, holding above $0.247 levels through the morning would support another run through to $0.25 levels and the day’s first major resistance level at $0.2514 to bring the second major resistance level at $0.2538 into play, while we would expect Stellar’s Lumen to continue to fall short of $0.26 levels needed to begin a near-term bullish trend formation.
Failure to hold above $0.247 levels through the morning could see Stellar’s Lumen hit reverse later in the day, with a pullback through the morning low $0.249 bringing the day’s first major support level at $0.2445 into play before any recovery, more material losses unlikely, barring materially negative news hitting the wires.
Major Support Level: $0.2445
Major Resistance Level: $0.2514
Fib 23.6% Retracement Level: $0.2287
Fib 38% Retracement Level: $0.2433
Fib 62% Retracement Level: $0.2668
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.