Stellar’s Lumen Technical Analysis – Resistance Levels in Play – 27/08/18

Key Highlights

• Stellar’s Lumen fell by 1.93% on Sunday, following on from Saturday’s 1.53% fall, to end the week down 7.82% at $0.21239.
• A start of a day slide, saw Stellar’s Lumen fall through the first major support level at $0.2144 and second major support level at $0.2123 to an intraday low $0.2082 before recovering to $0.21 levels.
• An intraday high $0.21657, struck at the start of the day, fell short of the first major resistance level at $0.2193 and well short of the 23.6% FIB Retracement Level of $0.2314, to leave the extended bearish trend intact.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen slid by 1.93% on Sunday, following on from a trend bucking 1.53% fall on Saturday, to end the week down 7.82% at $0.21239.

Tracking the broader cryptomarket, Stellar’s Lumen slid from a start of a day intraday high $0.21657 to an early morning intraday low $0.2082, the reversal seeing Stellar’s Lumen fall through the first major support level at $0.2144 and second major support level at $0.2123 to call on support at the third major support level at $0.2073.

A late morning recovery saw Stellar’s Lumen break back through the second major support level at $0.2123 to an afternoon high $0.2144 before easing back, resistance at the day’s first major support level at $0.2144 pinning Stellar’s Lumen back from a recovery on the day.

The moves through the weekend reaffirmed Stellar’s Lumen bearish trend, formed back at late July’s swing hi $0.352, though for Stellar’s Lumen investors, it’s ultimately been bearish since the start, the extended bearish trend across the broader market having pulled Stellar’s Lumen back from an early May $0.4666 high.

Negative sentiment through the latter part of the weekend came off the back of more negative regulatory chatter, with the Chinese government looking to reinforce its ban on cryptomarket related activities.

At the time of writing, Stellar’s Lumen was up 3.43% to $0.21968, with Stellar’s Lumen rallying from an opening $0.21239 to a morning high $0.22, the moves through the early part of the morning, seeing Stellar’s Lumen break through the first major resistance level at $0.2166 to test the second major resistance level at $0.2208.

For the day ahead, a hold above the first major resistance level at $0.2166 would support another run at the second major resistance level at $0.2208 to bring the third major resistance level at $0.2291 and the 23.6% FIB Retracement Level of $0.2314 into play, though sentiment across the broader market will need to hold firm through the day to support a run at $0.23 levels.

Failure to hold above the first major resistance level at $0.2166 could see Stellar’s Lumen pullback through $0.2124 to bring sub-$0.21 levels and the day’s first major support level at $0.2082 into play. Following last week’s losses, any reversal likely to come off the back of negative news hitting the wires than profit taking at the start of the week.

Looking at the Technical Indicators

Major Support Level: $0.2082

Major Resistance Level: $0.2193

Fib 23.6% Retracement Level: $0.2314

Fib 38% Retracement Level: $0.2544

Fib 62% Retracement Level: $0.2917