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

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

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

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