Stellar’s Lumen Technical Analysis – Support Levels in Play – 09/05/19

Stellar’s Lumen takes a tumble early on. A move through to $0.095 levels would signal the starts of a rebound.
Bob Mason
Stellar coin trading chart for monitoring XLM values of stellar and buying crypto currency on the exchange. Copy space.

Key Highlights

  • Stellar’s Lumen fell by 2.8% on Wednesday. Following on from a 3.92% slide on Tuesday, Stellar’s Lumen ended the day at $0.09527.
  • A start of day intraday high $0.09801 saw Stellar’s Lumen fall short of the first major resistance level at $0.1025.
  • A late afternoon intraday low $0.09454 saw Stellar’s Lumen fall through the first major support level at 0.0962.
  • The bearish trend remained firmly intact in spite of a relatively bullish start to the year. Stellar’s Lumen continued to fall short of the 23.6% FIB Retracement Level of 0.1369.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen fell by 2.8% on Wednesday. Following on from a 3.92% slide on Tuesday, Stellar’s Lumen ended the day at $0.09527.

Tracking the broader market, Stellar’s Lumen slid from a start of a day intraday high $0.09801 to an early morning low $0.09611.

Falling short of the first major resistance level at $0.1025, Stellar’s Lumen found support at the first major support level at $0.0962.

Stellar’s Lumen managed to recover to $0.097 levels by late morning before hitting reverse. The reversal saw Stellar’s Lumen slide through the first major support level at $0.0962 to a late afternoon intraday low $0.09454.

The extended bearish trend remained intact, with Stellar’s Lumen seeing red in 3-weeks out of the last 4. Stellar’s Lumen continued to fall short of the 23.6% FIB Retracement Level of $0.1310, last breached the 23.6% FIB on 8th April, with a current year high $0.1367.

At the time of writing, Stellar’s Lumen was down by 1.64% to $0.09371. A bullish start to the day saw  Stellar’s Lumen rise to a morning high $0.09708 before hitting reverse. Coming within range of the first major resistance level at $0.0973, Stellar’s Lumen slid to a morning low $0.09291.

The pullback saw Stellar’s Lumen fall through the first major support level at $0.0939.

For the day ahead,

A move back through the first major support level at $0.0939 to $0.0960 levels would support a run at the first major resistance level at $0.0973.

Support from the broader market would be needed, however, for Stellar’s Lumen to break out from $0.095 levels on the day.

Barring a broad-based crypto rebound, Stellar’s Lumen would likely come up short of $0.097 levels on the day. In the event of a breakout, a return to $0.098 levels could be on the cards before any pullback.

Failure to move back through the first major support level could see Stellar’s Lumen slide deeper into the red. A fall through the morning low $0.09291 would bring the second major support level at $0.0925 into play.

Barring a crypto meltdown, Stellar’s Lumen will likely steer clear of sub-$0.090 levels on the day.

Looking at the Technical Indicators

Major Support Level: $0.0939

Major Resistance Level: $0.0973

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

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