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

By:
Bob Mason
Published: May 9, 2019, 06:22 UTC

Stellar's Lumen takes a tumble early on. A move through to $0.095 levels would signal the starts of a rebound.

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.

XLM/USD 09/05/19 Daily Chart

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

About the Author

Bob Masonauthor

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.

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