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Stellar’s Lumen Technical Analysis – Resistance Levels in Play – 15/04/19

By:
Bob Mason
Published: Apr 15, 2019, 02:54 UTC

Stellar's Lumen makes an early move. Avoiding sub-$0.1190 levels would support a return to $0.12 levels...

Stellar coin trading chart for monitoring XLM values of stellar and buying crypto currency on the exchange. Copy space.

Key Highlights

  • Stellar’s Lumen gained 2.14% on Sunday. Following on from a 1.49 rise from Saturday, Stellar’s Lumen ended the day at $0.11909.
  • A mid-morning intraday low $0.11417 saw Stellar’s Lumen steer clear of the first major support level at 0.1136.
  • A late in the day intraday high $0.11963 saw Stellar’s Lumen break through the first major resistance level at $0.1182.
  • The bearish trend remained firmly intact in spite of solid gains since February. Stellar’s Lumen continued to fall short of the 23.6% FIB Retracement Level of 0.1369.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Resistance

Stellar’s Lumen rose by 2.14% on Sunday. Following on from a 1.49% gain from Saturday, Stellar’s Lumen ended the week down 12.2% at $0.11909.

Tracking the broader market, Stellar’s Lumen fell to a mid-morning intraday low $0.11417 before recovering.

Holding above the first major support level at $0.1136, Stellar’s Lumen recovered to $0.116 levels ahead of an afternoon rally.

Finding support throughout the afternoon, Stellar’s Lumen rallied to a late intraday high $0.11963 before easing back. The rally saw Stellar’s Lumen break through the first major resistance level at $0.1182. Resistance from the second major resistance level at $0.1202 capped the upside on the day.

The extended bearish trend remained intact, in spite of 6 weeks in the green out of the last 8. Stellar’s Lumen failed to break back through the 23.6% FIB Retracement Level of $0.1310 to take a run at the 38.2% FIB of $0.1643.

For the bulls, the pullback through the 23.6% FIB Retracement level of $0.1310 at the start of the week did the damage. Thursday’s sell-off saw Stellar’s Lumen avoid sub-$0.110 levels, however, leading to 3 consecutive days in the green to reduce the losses for the week.

At the time of writing, Stellar’s Lumen was up 0.54% to $0.11973. A bullish start to the day saw Stellar’s Lumen rise from a morning low $0.11843 to a high $0.12005 before easing back. Holding above the major support levels, Stellar’s Lumen came within range of the first major resistance level at $0.1211.

XLM/USD 15/04/19 Daily Chart

For the day ahead,

A hold onto $0.1190 levels would support another run at the first major resistance level at $0.1211 later in the day. Support from the broader market would be needed, however, for Stellar’s Lumen to take a run at the second major resistance level at $0.1231.

Barring a crypto rally, we would expect the first major resistance level at $0.1211 to limit the upside on the day.

Failure to hold onto $0.1190 levels could see Stellar’s Lumen slide through the morning low $0.11843 before any recovery. Barring a broad-based sell-off, Stellar’s Lumen would likely steer clear of sub-$0.1180 levels. In the event of a reversal, however, a pullback through $0.1175 would bring the first major support level at $0.1156 into play before any recovery.

Looking at the Technical Indicators

Major Support Level: $0.1156

Major Resistance Level: $0.1211

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

About the Author

Bob Masonauthor

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.

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