It's back in the green for Stellar's Lumen. A move through to $0.0810 levels would be needed, however, to support a positive end to the day.
Stellar’s Lumen slid by 9.71% on Tuesday. Following on from a 0.62% fall on Monday, Stellar’s Lumen ended the day at $0.07832.
An early morning intraday high $0.08735 was the only bullish move of the day. Falling short of the first major resistance level at $0.0883, Stellar’s Lumen slid to a late afternoon intraday low $0.07782.
The sell-off saw Stellar’s Lumen fall through the first major support level at $0.0820 and second major support level at $0.0787.
Finding support late in the day, Stellar’s Lumen managed to recover to $0.080 levels before easing back.
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 up by 1.78% to $0.07972. A bearish start to the day saw Stellar’s Lumen fall to a morning low $0.076587 before finding support.
Steering clear of the first major support level at $0.0750, Stellar’s Lumen rose to a morning high $0.080167.
In spite of the recovery, Stellar’s Lumen came up short of the first major resistance level at $0.0845 early on.
A move back through to $0.0810 levels would support another run at the first major resistance level at $0.0845
Stellar’s Lumen would need the support of the broader market, however, to break back through to $0.080 levels.
In the event of an extended crypto rally, Stellar’s Lumen Tuesday’s high $0.08735 would likely limit any upside on the day.
Failure to move back through to $0.0810 levels could see Stellar’s Lumen give up the morning gain. A fall through the morning low $0.076587 would bring the first major support level at $0.0750 into play.
Barring another crypto meltdown, however, Stellar’s Lumen should steer well clear of the second major support level at $0.0716.
Major Support Level: $0.0.0750
Major Resistance Level: $0.08450
23.6% FIB Retracement Level: $0.1310
38% FIB Retracement Level: $0.1643
62% FIB Retracement Level: $0.2180
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Thanks, Bob
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.