Stellar’s Lumen Technical Analysis – Resistance Levels in Play – 08/07/19

Key Highlights

• Stellar’s Lumen rose by 2.87% on Sunday. Following on from a 2.67% gain on Saturday, Stellar’s Lumen ended the day at $0.10616.
• A late morning intraday low $0.10277 saw Stellar’s Lumen hold above the first major support level at $0.1007.
• A late afternoon intraday high $0.10624 saw Stellar’s Lumen come within range of the first major resistance level at $0.1065.
• The extended bearish trend remained firmly with Stellar’s Lumen continuing to fall short of the 23.6% FIB of $0.1311.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Resistance

Stellar’s Lumen rose by 2.87% on Sunday. Following on from a 2.67% gain on Saturday, Stellar’s Lumen ended the week up 1.69% to $0.10616.

A relatively bearish morning saw Stellar’s Lumen fall to a late morning intraday low $0.10277 before finding support.

Steering clear of the first major support level at $0.10070, Stellar’s Lumen rallied through the afternoon to a late intraday high $0.10624.

Stellar’s Lumen came within range of the first major resistance level at $0.10650 before easing back to sub-$0.1061 levels.

The extended bearish trend remained firmly intact. Stellar’s Lumen continued to short of the 23.6% FIB of $0.1310 following a pullback from $0.13 levels in late June.

For the bulls, a move back through to $0.14 levels would support a run at the 38.2% FIB of $0.1643 and a near-term bullish trend formation.

At the time of writing, Stellar’s Lumen was down by 0.41% to $0.10572. Moves at the start of the day saw Stellar’s Lumen fall from a morning high $0.1061 to a low $0.1057.

Stellar’s Lumen left the major support and resistance levels untested early on.

For the day ahead

A hold onto $0.1050 levels through the morning would support a bullish day ahead. Stellar’s Lumen would need to move through the morning high $0.1061 to bring the first major resistance level at $0.1073 into play.

Stellar’s Lumen would need the support of the broader market, however, to break out from Sunday’s high $0.10624.

Barring a broad-based crypto rally, Stellar’s Lumen would likely come up short of $0.1080 levels on the day.

Failure to hold onto $0.1050 levels could see Stellar’s Lumen fall through the first major support level at $0.1039 to $0.1020 levels before any recovery.

Barring a crypto meltdown, Stellar’s Lumen should steer well clear of sub-$0.100 support levels on the day.

In the event of an extended sell-off, the second major support level at $0.1016 could come into play before any recovery.

Looking at the Technical Indicators

Major Support Level: $0.1039

Major Resistance Level: $0.1073

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