Stellar’s Lumen Technical Analysis – Resistance Levels in Play – 12/06/19

Key Highlights

• Stellar’s Lumen slipped by 0.75% on Tuesday. Partially reversing a 4.8% rally from Monday, Stellar’s Lumen ended the day at $0.1225.
• An early morning intraday high $0.1240 saw Stellar’s Lumen fall short of the first major resistance level at $0.1258.
• A late morning intraday low $0.11869 saw Stellar’s Lumen test the first major support level at $0.1189.
• The extended bearish trend remained firmly intact in spite of a relatively bullish run since early February. Stellar’s Lumen continued 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 slipped by 0.75% on Tuesday. Partially reversing a 4.8% rally from, Stellar’s Lumen ended the day at $0.1225.

A particularly bearish start to the day saw Stellar’s Lumen slide from an intraday high $0.1240 to a late morning intraday low $0.11869.

Coming up short of the first major resistance level at $0.1258, Stellar’s Lumen fell through the first major support level at $0.11890.

Finding support from the broader market through the afternoon, Stellar’s Lumen recovered to $0.1237 levels before easing back.

The extended bearish trend remained firmly intact. Stellar’s Lumen continued to fall short of the 23.6% FIB of $0.1310 after having fallen back to sub-$0.13 levels.

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 up by 1.09% to $0.12383. A bullish start to the day saw Stellar’s Lumen rise from a morning low $0.1210 to a high $0.12391 before easing back.

Stellar’s Lumen left the major support and resistance levels untested in the early part of the day.

For the day ahead,

A hold above $0.1217 levels through the morning would support upward momentum through the day. A move back through the morning high $0.12391 would bring the first major resistance level at $0.1248 into play.

Stellar’s Lumen would need support from the broader market, however, to break out from the first major resistance level.

Barring an extended crypto rally through the day, the first major resistance level and Tuesday’s high $0.1240 would likely limit the upside on the day.

In the event of a broad-based crypto rally, Stellar’s Lumen could take a run at the second major resistance level at $0.1270 before any pullback.

Failure to hold above $0.1217 levels could see Stellar’s Lumen hit reverse. A slide through the morning low $0.1210 would bring the first major support level at $0.1195 into play before any recovery.

Barring a broad-based crypto sell-off, however, we would expect Stellar’s Lumen to steer well clear of the second major support level at $0.1164.

Looking at the Technical Indicators

Major Support Level: $0.1248

Major Resistance Level: $0.1195

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