Stellar’s Lumen Technical Analysis – Support Levels in Play – 03/01/19

It’s back in the red for Stellar’s Lumen, with a hold onto $0.12 levels a must to avoid a material reversal through the day.
Bob Mason
stellar xlm

Key Highlights

  • Stellar’s Lumen rose by 3.31% on Wednesday, following on from a 5.68% rally on Tuesday, to end the day at $0.12311.
  • A late morning intraday low $0.1172 saw Stellar’s Lumen hold above the first major support level at $0.1151.
  • Rising through the afternoon, Stellar’s Lumen broke through the first major resistance level at $0.1218 and second major resistance level at $0.1240to strike an intraday high $12411 before easing back.
  • The bearish trend remained intact, with Stellar’s Lumen falling short of the 23.6% FIB Retracement Level of 0.1434 following 15th December’s swing lo $0.09353.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Resistance

Stellar’s Lumen rose by 3.31% on Wednesday, following on from a 5.68% rally on Tuesday, to end the day at $0.12311.

A relatively range bound start to the day saw Stellar’s Lumen ease back to a late morning intraday low $0.1172, holding above the first major support level at $0.1151 before finding support from a broad based crypto market rally.

Stellar’s Lumen rallied to a late in the day intraday high $0.12411 before easing back to $0.123 levels, Stellar’s Lumen breaking through the first major resistance level at $0.1218 to come up against the second major resistance level at $0.1240 late in the day.

The bearish trend formed at late October’s swing hi $0.305 remained intact, in spite of a 2nd consecutive day in the green, with Stellar’s Lumen needing to breakout from the 23.6% FIB of $0.1434 to come within range of the 38.2% FIB of $0.1743 to begin forming a bearish trend reversal.

At the time of writing, Stellar’s Lumen was down 1.98% to $0.12067, with a bearish start to the day seeing Stellar’s Lumen fall from a start of a day morning high $0.12283 to a morning low $0.12039 before steadying, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through to $0.1215 would support a move back through the morning high $0.12283 to bring $0.124 levels into play, while support from the broader market would be needed for Stellar’s Lumen to take a run at $0.125 levels to bring the first major support level at $0.1257 into play later in the day.

Failure to move back through to $0.1215 levels by the early afternoon could see Stellar’s Lumen pullback deeper into the red, with a fall through the morning low $0.12039 bringing sub-$0.12 levels and the first major support level at $0.1188 into play before any recovery, the second major support level at $0.1146 in play in the event of an extended sell-off across the broader market through the day.

Looking at the Technical Indicators

Major Support Level: $0.1188

Major Resistance Level: $0.1257

Fib 23.6% Retracement Level: $0.1434

Fib 38% Retracement Level: $0.1743

Fib 62% Retracement Level: $0.2242

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