Stellar’s Lumen Technical Analysis – Resistance Levels in Play – 18/10/18

Key Highlights

• Stellar’s Lumen gained 3.92% on Wednesday, following on from Tuesday’s 4.97% rally, to end the day at $0.24889.
• A start of a day intraday low $0.23591 saw Stellar’s Lumen steer clear of the first major support level at $0.2320 and 62% FIB Retracement Level of $0.2289.
• A day long rally saw Stellar’s Lumen break through the first major resistance level at $0.2427 and second major resistance level at $0.2459 to an intraday high $0.253 before easing back to $0.24 levels.
• Steering clear of testing support at the 62% FIB Retracement Level of $0.2289 continued to leave the near-term bullish trend intact.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Resistance

Stellar’s Lumen gained 3.92% on Wednesday, following on from Tuesday’s 4.97% rally, to end the day at $0.24889.

Bucking the trend across the broader cryptomarket, Stellar’s Lumen rallied from a start of a day intraday low $0.23591 through the day’s first major resistance level at $0.2427 the second major resistance level at $0.2459 to strike an intraday high $0.253 before pulling back, the day’s high coming within range of the third major resistance level at $0.2566.

A late in the day reversal left Stellar’s Lumen at sub-$0.25 levels by the day’s end, while managing to hold above the first and second major resistance levels, with the near-term bullish trend, formed at mid September’s swing lo $0.18189, remaining intact in spite of Stellar’s Lumen failing to move back through the 38.2% FIB Retracement Level of $0.258 and last week’s tumble through the 62% FIB Retracement Level of $0.2289 to $0.20 levels.

At the time of writing, Stellar’s Lumen was up 0.98% to $0.25165, a bullish start to the day seeing Stellar’s Lumen move from a start of a day morning low $0.24889 to a morning high $0.25234 before easing back, the moves through the early part of the day leaving the major support and resistance levels untested.

For the day ahead, a move back through the morning high $0.25234 would support another run at the day’s first major resistance level at $0.2560 to bring the 38.2% FIB Retracement Level of $0.258 into play, as Stellar’s Lumen looks to maintain its near-term bullish trend, having recovered from last week’s reversal. Holding onto $0.25 levels through the morning will be key to support a second move later in the day.

Failure to hold on to $0.25 levels could see Stellar’s Lumen fall through the morning low $0.24889 to $0.2459, bringing sub-$0.24 levels and the day’s first major support level at $0.2389 into play before any recovery, Stellar’s Lumen unlikely to test sub-$0.23 support levels on the day, barring particularly negative news hitting the wires. Another sell-off through the 62% FIB Retracement Level of $0.2289 would reverse the near-term bullish trend to hand the reins back to the bears.

Looking at the Technical Indicators

Major Support Level: $0.2389

Major Resistance Level: $0.2560

Fib 23.6% Retracement Level: $0.2759

Fib 38% Retracement Level: $0.258

Fib 62% Retracement Level: $0.2289