Stellar's Lumen makes an early move but will need to move through to $0.11150 levels to support further gains later in the day.
Stellar’s Lumen tumbled by 11.13% on Thursday. Following on from a 2.35% slide on Wednesday, Stellar’s Lumen ended the day at $0.10766.
Bearish from the start of the day, Stellar’s Lumen slid from an intraday high $0.12268 to a late morning low $0.1070.
The sell-off saw Stellar’s Lumen fall through the first major support level at $0.1147 and second major support level at $0.1083.
A late morning recovery to $0.1149 levels was short-lived, with Stellar’s Lumen sliding back to a late afternoon intraday low $0.10405.
The pullback saw Stellar’s Lumen slide back through the first major support level and second major support level.
Whilst finding support late in the day, Stellar’s Lumen was unable to move back through the second major support level by the day end.
The extended bearish trend remained firmly intact. Stellar’s Lumen continued to struggle at the 23.6% FIB of $0.1310 leading to a pullback from $0.13 levels in the mid-week sell-off.
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 2.36% to $0.11020. A bullish start to the day saw Stellar’s Lumen rise from a morning low $0.10842 to a high $0.11021.
Stellar’s Lumen came up short of the first major resistance level at $0.11890 early on.
A move through to $0.1115 levels would signal another run at the first major resistance level at $0.1189.
Stellar’s Lumen would need the support of the broader market, however, to break out from $0.1120 levels.
In the event of a broad-based crypto rebound, Stellar’s Lumen could break through to $0.1200 levels before any pullback.
We would expect Stellar’s Lumen to come up short of the second major resistance level at $0.1301, however.
Failure to move through to $0.1115 levels could see Stellar’s Lumen hit reverse. A slide through the morning low $0.10842 would bring the first major support level at $0.1002 into play.
Barring another broad-based crypto sell-off, Stellar’s Lumen should steer clear of the second major support level at $0.0928.
Major Support Level: $0.1002
Major Resistance Level: $0.1189
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
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.