Key Highlights
- Stellar’s Lumen gained 3.74% on Sunday, following on from a 2.39% increase on Saturday, to end the week down 23.28% to $0.12428.
- A late morning intraday low $0.11725 saw Stellar’s Lumen steer clear of the day’s first major support level at $0.1124.
- An afternoon rebound saw Stellar’s Lumen break through the first major resistance level at $0.1270 to strike an intraday high $0.12945 before easing back.
- The extended bearish trend remained intact, with Stellar’s Lumen falling short of the 23.6% FIB Retracement Level of 0.1493 following 6th December’s swing lo $0.10117.
Stellar’s Lumen Price Resistance
Stellar’s Lumen gained 3.74% on Sunday, following on from a 2.39% rise on Saturday, to end the day at $0.12428.
A relatively choppy first half of the day saw Stellar’s Lumen ease back to a late morning intraday low $0.11725, holding above the day’s first major support level at $0.1124 before finding support.
Tracking the broader market through the second half of the day, Stellar’s Lumen broke through the first major resistance level at $0.1270 to strike a late in the day intraday high $0.12945 before easing back.
In spite of the weekend’s gains, Stellar’s Lumen ended the week down 23.28%, reaffirming the extended bearish trend formed at late September’s swing hi $0.305, with Stellar’s Lumen falling well short of the 23.6% FIB Retracement Level of $0.1493.
At the time of writing, Stellar’s Lumen was down 0.71% to $0.1234, with Stellar’s Lumen falling from a start of a day morning high $0.1261 to a morning low $0.1232, the day’s major support and resistance levels left untested early on.
For the day ahead, a move back through $0.1240 to the morning high $0.1261 would signal an afternoon rally to bring the first major resistance level at $0.1301 into play before any pullback. Sentiment across the broader market would need to materially improve for Stellar’s Lumen to take a run at the day’s second major resistance level at $0.1359.
Failure to move through the morning high $0.126 could see Stellar’s Lumen take a bigger hit later in the day, with a pullback through the morning low $0.1232 bringing $0.11 levels and the day’s first major support level at $0.1179 into play.
Heavier losses could be on the cards should sentiment across the broader market fail to improve, while we would expect the day’s second major support level at $0.1115 to hold Steller’s Lumen from a pullback to $0.10 levels on the day.
Looking at the Technical Indicators
Major Support Level: $0.1179
Major Resistance Level: $0.1301
Fib 23.6% Retracement Level: $0.1493
Fib 38% Retracement Level: $0.1790
Fib 62% Retracement Level: $0.2271