Key Highlights
- Stellar’s Lumen gained 1.22% on Monday, following on from a 3.97% rise on Sunday, to end the day at $0.249.
- An early morning intraday low $0.24243 saw Stellar’s Lumen hold well above the first major support level at $0.2374.
- A late in the day intraday high $0.24932 came up short of $0.25 levels and the first major resistance level at $0.2533.
- The near-term bearish trend remained intact, with Stellar’s Lumen unable to take a run at the 62% FIB Retracement Level of $0.2668, while a bearish trend reversal is on the cards should a mid-week reversal be avoided.
Stellar’s Lumen Price Resistance
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.
Looking at the Technical Indicators
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