Stellar’s Lumen Technical Analysis – Support Kicks In – 09/08/18

Key Highlights

• Stellar’s Lumen tumbled by 13.34% on Wednesday, following Tuesday’s 2.61% fall, to end the day at $0.19744.
• A day long sell-off saw Stellar’s Lumen slide through the day’s first major support level at $0.2198 and second major support level at $0.2119 to a late intraday low $0.19342.
• Stellar’s Lumen failed to make a move on the first major resistance level at $0.2409, with an intraday high $0.22916 coming at the start of the day.
• The moves through the day reaffirmed the extended bearish trend formed at early May’s swing hi $0.46547.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen tumbled by 13.34% on Wednesday, following on from Tuesday’s 2.61% fall, to end the day at $0.19744.

Tuesday’s late in the day sell-off continued through Wednesday, with Stellar’s Lumen sliding through the first major support level at $0.2198 and second major support level at $0.2119 to an intraday low $0.19342 before steadying in the final hours.

While Stellar’s Lumen managed to avoid striking a new swing lo in the latest sell-off, the reversal and failure to recover back through the day’s major support levels to take a run at the 23.6% FIB Retracement Level of 0.238 left the extended bearish trend firmly intact, with a near-term bullish trend having been reversed in last week’s broad based market sell-off.

At the time of writing, Stellar’s Lumen was up 1.86% to $0.20133, with a late in the day upward move on Wednesday continuing into the early hours, Stellar’s Lumen rising to an early morning $0.20442 high, before easing back, the early morning high steering clear of the first major resistance level at 0.2199.

A start of a day $0.19683 low came from an opening $0.19765, with Stellar’s Lumen steering clear of the first major support level at $0.1842, the move back through to $0.20 levels a positive start for the market bulls.

For the day ahead, a move back through the morning high $0.20442 to $0.2067 would support a run at $0.21 levels to bring the day’s first major resistance level at $0.2199 into play, with any broad based market rebound likely to favor Stellar’s Lumen following the 13.34% slump on Wednesday, which was amongst the largest falls across the broader cryptomarket.

Failure to hold on to $0.20 levels and move through to $0.2067 later in the day could see Stellar’s Lumen give up the early morning gains, with any pullback through to Wednesday’s intraday low $0.19342 bringing sub-$0.19 levels and the day’s first major support level at $0.1842 into play.

While the bearish trend remains intact, current price levels are likely to draw in some side lined investors, though we can expect investors to be quick to lock in profits should a relief rally not gain momentum through the late morning and early afternoon.

Looking at the Technical Indicators

Major Support Level: $0.1842

Major Resistance Level: $0.2199

Fib 23.6% Retracement Level: $0.238

Fib 38% Retracement Level: $0.2814

Fib 62% Retracement Level: $0.3517