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.
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.
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
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.