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.
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
