Stellar’s Lumen Technical Analysis – Support Levels in Play – 02/08/19

Key Highlights

• Stellar’s Lumen fell by 0.81% on Thursday. Following on from a 0.15% fall on Wednesday, Stellar’s Lumen ended the day at $0.083022.
• An early morning intraday high $0.083891 saw Stellar’s Lumen fall short of the first major resistance level at $0.0852.
• A late afternoon intraday low $0.081904 saw Stellar’s Lumen fall through the first major resistance level at $0.0831 and second major resistance level at $0.0820.
• The extended bearish trend remained firmly intact, with Stellar’s Lumen continuing to fall short of the 23.6% FIB of $0.1311.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen fell by 0.81% on Thursday. Following on from a 0.15% loss on Wednesday, Stellar’s Lumen ended the day at $0.083022.

A particularly choppy morning saw Stellar’s Lumen strike an early morning intraday high $0.083891 before hitting reverse.

Falling short of the first major resistance level at $0.0852, Stellar’s Lumen fell back to an early afternoon intraday low $0.081904.

The reversal saw Stellar’s Lumen fall through the first major support level at $0.0831 and second major support level at $0.0820.

Finding support from the broader market late in the day, Stellar’s Lumen recovered to $0.083 levels to limit the downside on the day.

The extended bearish trend remained firmly intact. Stellar’s Lumen continued to short of the 23.6% FIB of $0.1310 following a pullback from $0.13 levels in late June.

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 down by 0.63% to $0.0825. A relatively bearish start to the day saw Stellar’s Lumen fall from a morning high $0.082697 to a low $0.0825.

The moves through the early morning saw Stellar’s Lumen steer clear of the major support and resistance levels.

For the day ahead

Stellar’s Lumen would need to move back through to $0.0830 levels to support upward momentum later in the day.

Stellar’s Lumen would need the support of the broader market, however, for a move back through the morning high $0.082697.

In the event of a broad-based crypto rebound, Thursday’s high $0.083891 and the first major resistance level at $0.0840 would limit any upside on the day.

Failure to move back through to $0.0830 levels could see Stellar’s Lumen slide deeper into the red. A fall through the first major support level at $0.0820 would bring the second major support level at $0.0810 into play.

Barring a crypto meltdown, however, we would expect Stellar’s Lumen to continue to steer clear of sub-$0.080 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.0.0820

Major Resistance Level: $0.0840

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