Stellar’s Lumen Technical Analysis – Resistance Tested Early – 17/08/18

Key Highlights

• Stellar’s Lumen gained 0.96% on Thursday, following Wednesday’s 3.53% fall, to end the day at $0.21504.
• An early slide to an intraday low $0.20967 saw Stellar’s Lumen steer clear of the day’s first major support level at $0.2022.
• Stellar’s Lumen recovered through the morning to an intraday high $0.22104, falling short of the first major resistance level at $0.2257 before pulling back to $0.21 levels by the day’s end.
• The extended bearish trend remained intact, with Stellar’s Lumen falling short of the 23.6% FIB Retracement Level of $0.2314.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Resistance

Stellar’s Lumen rose by 0.96% on Thursday, partially reversing Wednesday’s 3.53% slide, to end the day at $0.21504.

A continuation of Wednesday’s 2^nd half of the day sell-off into the early hours of Thursday saw Stellar’s Lumen fall to an early intraday low $0.20967, with Stellar’s Lumen holding above the day’s first major support level at $0.2022 and more importantly sub-$0.20 levels on the day.

A mid-morning recovery saw Stellar’s Lumen move through to a late morning intraday high $0.22104, falling short of the first major resistance level at $0.2257, before reversing through the rest of the day to $0.21 levels by the day’s end.

In spite of the day’s major support levels being left untested, Stellar’s Lumen continued to fall well short of the 23.6% FIB Retracement Level of $0.2314 and $0.25 levels needed to begin forming a bearish trend reversal, with Tuesday’s new swing lo $0.19409 doing the damage early on in the week.

At the time of writing, Stellar’s Lumen was up 2.88% to $0.2203. A late in the day recovery on Thursday spilled into the early hours of this morning, Stellar’s Lumen breaking through the first major resistance level at $0.2208 to an intraday high $0.22250 before easing back, the day’s first major support level at $0.2095 left untested in the early hours.

For the day ahead, holding above $0.2150 will be key to supporting upward momentum through the day, with a move back through the morning high $0.2225 supporting a run at the day’s second major resistance level at $0.2266, though the crypto bulls will need to be out in force for Stellar’s Lumen to break out from the first major resistance level at $0.2208.

Failure to hold above $0.2150 through to the early afternoon could see Stellar’s Lumen hit reverse later in the day, with any pullback through a start of a day $0.21379 low bringing the day’s first major support level at $0.2095 into play, though sentiment across the broader market will need to materially deteriorate for Stellar’s Lumen to slide to sub-$0.21 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.2095

Major Resistance Level: $0.2208

Fib 23.6% Retracement Level: $0.2314

Fib 38% Retracement Level: $0.2544

Fib 62% Retracement Level: $0.2917