Stellar’s Lumen Technical Analysis – Stellar’s Lumen Bucks the Trend 06/03/2018

Key Highlights

• Stellar’s Lumen slid 4.93% on Monday, reversing Sunday’s 4.81% gain, to end the day at $0.34494
• In spite of Monday’s slide, a bullish trend remains from Saturday’s Swing Lo $0.30952, bucking the trend against the majors.
• Major support levels and Resistance levels were tested through Monday.

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How to Buy Stellar Lumens?

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Stellar’s Lumen Price Support

Stellar’s Lumen hit an intraday high $0.40022 on Monday, breaking out beyond its first major resistance level of $0.3832 through the first half of the day, with the intraday high coming off the back of a 4.8% rally on Sunday that reversed Saturday’s 3.49% slide.

The second half of the day saw Stellar’s Lumen reverse the day’s gains however, falling to an intraday low $0.34068 late in the day that not only tested its first major support level of $0.3459, but also fell through the 23.6% FIB Retracement Level of $0.3521 and 38.2% FIB Retracement Level of $0.344, before a partial recovery to $0.34494 by the day’s end.

Monday’s late sell-off was seen across the major cryptocurrencies, which left support levels and investor appetite on the weaker side through the latter part of the day.

Through the early part of this morning, Stellar’s Lumen slid to an intraday low $0.3241, falling through the 62% Retracement Level of $0.3442. Stellar’s Lumen is one of the more volatile major cryptocurrencies and falling through $0.3442 to this morning’s intraday low resulted in a bounce back to $0.356.

This morning’s bounce back has seen Stellar’s Lumen reverse early losses to sit at $0.3585 at the time of writing, an intraday gain of 3.58%, with Ripple’s XRP and NEM’s XEM the only other majors in positive territory at the time of writing.

For the day ahead, for the bullish trend to remain intact, a move through the 38.2% FIB Retracement Level of $0.3656 would support a run through the 23.6% FIB Retracement Level of $0.3788 and test the first major resistance level of $0.3832 to mark a recovery from Monday’s reversal.

Failure to break through the 38.2% FIB Retracement Level of $0.3656 will likely lead to a bearish trend that would test Lumen’s first major support level of $0.3237.

As sentiment through the cryptomarkets remains mixed at the time of writing, a failure for the other majors to recover early losses would be considered a negative for Stellar’s Lumen through the middle part of the day, with selling pressure likely to build, particularly if Stellar’s Lumen fails to break back through its Retracement Levels.

Looking at the Technical Indicators

• Major Support Level: $0.3237
• Major Resistance Level: $0.3832
• Fib 23.6% Retracement Level: $0.3788
• Fib 38% Retracement Level: $0.3656
• Fib 62% Retracement Level: $0.3442