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.
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.
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.
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
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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.