Stellar's Lumen is on the move again early, though will need to move through to $0.12 levels if the bulls have any chance at reversing this bearish trend.
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.
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
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.