Stellar’s Lumen Technical Analysis – Support Levels in Play – 04/06/19

Key Highlights

• Stellar’s Lumen fell by 5.45% on Monday. Reversing a 2.56% gain from Sunday, Stellar’s Lumen ended the day at $0.12853.
• An early morning intraday high $0.1396 saw Stellar’s Lumen test the first major resistance level at $0.1391.
• A late intraday low $0.12619 saw Stellar’s Lumen fall through the first major support level at $0.1327 and second major support level at $0.1294.
• Stellar’s Lumen also fell back through the 23.8% FIB of $0.1310.
• The bearish trend remained firmly intact in spite of a relatively bullish run since early February. Stellar’s Lumen pulled back through the 23.6% FIB of $0.1311 after having continued to fall well short of the 38.2% FIB Retracement Level of $0.1643.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen fell by 5.45% on Monday. Reversing a 2.56% gain from Sunday, Stellar’s Lumen ended the day at $0.12853.

A bullish start to the day saw Stellar’s Lumen rise to an early morning high $0.13960. Stellar’s Lumen came up against the first major resistance level at $0.1391 before hitting reverse.

The reversal saw Stellar’s Lumen fall through the first major support level at $0.1327 to a mid-morning low $0.13089.

Finding support through the late morning, Stellar’s Lumen recovered to $0.1340 levels ahead of the late broad-based crypto sell-off.

The sell-off saw Stellar’s Lumen slide to a late intraday low $0.12619. Stellar’s Lumen fell through the first major support level at $0.1327 and second major support level at $0.1294.

Of greater significance on the day was a pullback through the 23.6% FIB of $0.1310.

The extended bearish trend remained intact. Stellar’s Lumen slid back through the 23.6% FIB of $0.1310 after having continued to fall well short of the 38.2% FIB Retracement Level of $0.1643, last tested on 16^th May.

At the time of writing, Stellar’s Lumen was down by 2.73% to $0.12502. A bearish start to the day saw Stellar’s Lumen slide from a morning high $0.12759 to a low $0.12197.

The early sell-off saw Stellar’s Lumen fall through the first major support level at $0.1233 before finding support.

For the day ahead,

A move back through 23.6% FIB of $0.1310 would signal a recovery of Monday’s losses. Stellar’s Lumen would need support from the broader market, however, to break out from the morning high $0.12759.

Barring a broad-based crypto rebound, Stellar’s Lumen would likely come up short of $0.13 levels on the day.

In the event of a broad-based rebound, the first major resistance level at $0.1367 would likely limit any upside on the day.

Failure to move back through the 23.6% FIB of $0.1310 would likely see Stellar’s Lumen struggle through the day.

A slide back through the first major support level at $0.1233 could bring sub-$0.1200 support levels into play before any recovery.

Barring a crypto meltdown, however, Stellar’s Lumen would likely steer clear of the second major support level at $0.1180.

Looking at the Technical Indicators

Major Support Level: $0.1233

Major Resistance Level: $0.1367

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