Stellar’s Lumen Technical Analysis – Resistance Levels in Play – 27/05/19

Key Highlights

• Stellar’s Lumen rallied by 7.58% on Sunday. Reversing a 0.74% loss from Saturday, Stellar’s Lumen ended the day at $0.13421.
• A late morning intraday low $0.12174 saw Stellar’s Lumen fall through the first major support level at $0.1229.
• A late intraday high $0.1360 saw Stellar’s Lumen break through the major resistance levels and 23.6% FIB of $0.1310.
• The bearish trend remained firmly intact in spite of a relatively bullish run since early February. Stellar’s Lumen continued to fall short of the 38.2% FIB Retracement Level of $0.1643 to take a run at the 62% FIB of $0.218

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Resistance

Stellar’s Lumen rallied by 7.58% on Sunday. Reversing 0.74% fall from Saturday with interest, Stellar’s Lumen ended the day at $0.13421.

The Sunday rally reduced the weekly deficit to leave Stellar’s Lumen down by 6.15% for the week, Monday through Sunday.

A relatively bearish start to the day saw Stellar’s Lumen slide to a late morning intraday low $0.12174 before rebounding.

The morning reversal saw Stellar’s Lumen fall through the first major support level at $0.1229.

Tracking the broader market, Stellar’s Lumen rallied through the afternoon to a late intraday high $0.1360.

Stellar’s Lumen broke through the day’s major resistance levels before falling back through the third major resistance level at $0.1343.

The rally also saw Stellar’s Lumen break through and hold above the 23.6% FIB Retracement Level of $0.1310.

The extended bearish trend remained intact, however, with Stellar’s Lumen falling well short of the 38.2% FIB Retracement Level of $0.1643, last tested on 16^th May.

At the time of writing, Stellar’s Lumen was down by 0.6% to $0.13341. Moves through the early hours saw Stellar’s Lumen rise to a morning high $0.13614 before hitting reverse.

While holding above the 23.6% FIB of $0.1310, Stellar’s Lumen left the major support and resistance levels untested early on.

For the day ahead,

A hold above the 23.6% FIB of $0.1310 through the morning would support a recovery later in the day. A move back through the morning high $0.13614 would bring the first major resistance level at $0.1396 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from this morning’s and Sunday’s high $0.136 levels.

Barring a broad-based crypto rally, Stellar’s Lumen would likely struggle to return to $0.1360 levels on the day.

Failure to hold above the 23.6% FIB of $0.1310 could see Stellar’s Lumen take a bigger hit on the day.

A fall through to sub-$0.1300 levels would bring $0.1270 levels into play before any recovery.

Barring an extended crypto sell-off, Stellar’s Lumen would likely steer clear of the first major support level at $0.1253.

Looking at the Technical Indicators

Major Support Level: $0.1253

Major Resistance Level: $0.1396

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