Stellar’s Lumen Technical Analysis – Resistance Levels in Play – 25/07/19

Stellar’s Lumen sees green early on but will need the support of the broader market to avoid a sell-off later in the day.
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 2.12% on Wednesday. Partially reversing a 4.6% slide on Tuesday, Stellar’s Lumen ended the day at $0.085644.
  • An early morning intraday low $0.081166 saw Stellar’s Lumen fall through the first major support level at $0.08240.
  • A late afternoon intraday high $0.086670 saw Stellar’s Lumen fall short of the first major resistance level at $0.08720.
  • The extended bearish trend remained firmly intact with Stellar’s Lumen continuing to fall short of the 23.6% FIB of $0.1311.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen rose by 2.12% on Wednesday. Partially reversing a 4.6% slide from Tuesday, Stellar’s Lumen ended the day at $0.085644.

A bearish start to the day saw Stellar’s Lumen fall to an early morning intraday low $0.081166. The reversal saw Stellar’s Lumen fall through the first major support level at $0.08240.

Finding support through the morning, Stellar’s Lumen rallied to a late afternoon intraday high $0.086670. Coming within range of the first major resistance level at $0.08720, Stellar’s Lumen slid back to 0.083 levels before a late recovery to wrap up the day at $0.085 levels.

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% to $0.0865. A bullish start to the day saw Stellar’s Lumen hit a morning high $0.08832 before falling to a low $0.086056.

Whilst steering clear of the major support levels, Stellar’s Lumen broke through the first major resistance level at $0.0878.

For the day ahead

Stellar’s Lumen would need to steer clear of sub-$0.085 levels to support upward momentum through the day.

A move back through to $0.087 levels would support another run at the first major resistance level at $0.0878 and $0.088 levels.

Stellar’s Lumen would need the support of the broader market, however, to break out from $0.087 levels.

Failure to avoid sub-$0.085 levels could see Stellar’s Lumen slide through the morning low $0.086056.

In the event of an extended crypto sell-off, Stellar’s Lumen would likely test the first major support level at $0.0823 before any recovery.

Barring a crypto meltdown, Stellar’s Lumen would likely steer clear of sub-$0.080 levels and the second major support level at $0.0790.

Looking at the Technical Indicators

Major Support Level: $0.0.0823

Major Resistance Level: $0.0878

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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