Key Highlights
- Stellar’s Lumen rallied by 15.46% on Monday, following on from a 0.38% gain on Sunday, to end the day at $0.11225.
- An early morning intraday low $0.09717 steered well clear of the first major support level at $0.0948.
- A day long rally saw Stellar’s Lumen break through the day’s major resistance levels before easing back to within range of the third major resistance level at $0.1113 by the day’s end.
- The bearish trend remained intact, with Stellar’s Lumen falling short of the 23.6% FIB Retracement Level of 0.1434 following 15th December’s swing lo $0.09353.
Stellar’s Lumen Price Resistance
Stellar’s Lumen rallied by 15.46% on Monday, following on from a 0.38% gain on Sunday, to end the day at $0.11225.
Tracking the broader market through the day, Stellar’s Lumen rallied from an early morning intraday low $0.09717 to late in the day intraday high $0.11655 before easing back to $0.112 levels by the day’s end.
Steering clear of the day’s major support levels early on, Stellar’s Lumen broke through the day’s major resistance levels before a late pullback, which saw Stellar’s Lumen ease to within range of the third major resistance level at $0.1113, though there was sufficient support at $0.11 levels to avoid a fall back to sub-$0.10 levels by the day’s end.
The bullish start to the week comes off the back of a shift in sentiment towards the cryptos late last week, with rising prospects of more wide spread adoption of a number of the crypto majors driving the broader market.
In spite of the 15.46% rally on the day, the bearish trend formed at late October’s swing hi $0.305 remained firmly intact, with Stellar’s Lumen needing to breakout from the 23.6% FIB of $0.1434 to come within range of the 38.2% FIB of $0.1743 to begin forming a bearish trend reversal.
At the time of writing, Stellar’s Lumen was up 0.86% to $0.11322, with moves through the early morning seeing Stellar’s Lumen recover from a fall to an early morning low $0.11056 to strike a morning high $0.11538 before easing back, the major support and resistance levels untested early on.
For the day ahead, a move back through the morning high $0.11538 would bring the day’s first major resistance level at $0.1201 into play, with support from the broader market needed for Stellar’s Lumen to take a run at the second major resistance level at $0.1280 to bring $0.13 levels into play. We would expect $0.14 levels to be out of play on the day, with Stellar’s Lumen likely to face plenty of resistance on a move through to $0.13 levels.
Failure to move back through the morning high could see Stellar’s Lumen pullback through the morning low $0.11056 to $0.10 levels, while we would expect sub-$0.10 levels to be avoided through the day, with the day’s first major support level at $0.10080 there to limit losses on the day.
Looking at the Technical Indicators
Major Support Level: $0.1008
Major Resistance Level: $0.1201
Fib 23.6% Retracement Level: $0.1434
Fib 38% Retracement Level: $0.1743
Fib 62% Retracement Level: $0.2242