Stellar’s Lumen Technical Analysis – Support Levels in Play – 10/10/18
Market forces see Stellar’s Lumen give up early gains, with a move back through $0.2475 needed to support afternoon rebound.
Key Highlights
- Stellar’s Lumen fell by 0.91% on Tuesday, partially reversing Monday’s 2.39% rise, to end the day at $0.24835.
- A reversal through the morning saw Stellar’s Lumen fall through the first major support level at $02446 to an intraday low $0.2435 before recovering.
- A start of a day intraday high $0.25065 saw Stellar’s Lumen come up short of the first major resistance level at $0.2580.
- Steering clear of testing support at the 62% FIB Retracement Level of $0.2289 continued to leave the near-term bullish trend intact.
Stellar’s Lumen Price Support
Stellar’s Lumen slipped by 0.91% on Tuesday, partially reversing Monday’s 2.39% gain, to end the day at $0.24835.
A bearish start to the day did the damage for Stellar’s Lumen, which slid from an early morning intraday high $0.25065 to an early afternoon intraday low $0.2435, the reversal seeing Stellar’s Lumen fall through the first major support level at $0.2446 before steadying, $0.23 levels and the day’s second major support level at $0.2386 avoided.
Finding support through the 2nd half of the day, Stellar’s Lumen managed to move back through to an afternoon high $0.24887, while unable to break back through to $0.25 levels to take another run at the first major resistance level at $0.2543, negative sentiment across the broader market pinning Stellar’s Lumen back late in the day.
Stellar’s Lumen has struggled since the near-term bullish trend formed at 23rd September’s swing hi $0.305, with a pullback through the 38.2% FIB Retracement Level of $0.258 raising doubts over whether Stellar’s Lumen can make a move back through the 23.6% FIB Retracement Level of $0.2759, with any slide through the 62% FIB Retracement Level of $0.2289 considered a reversal of the near-term bullish trend.
At the time of writing, Stellar’s Lumen was down 1.71% to $0.24461, a move through to an early morning high $0.24899 coming up short of the first major resistance level at $0.2515, before hitting reverse, Stellar’s Lumen falling to a morning low $0.24461 to hold just above the first major support level at $0.2444.
For the day ahead, a move back through to $0.2475 would support a move back through the morning high $0.24899 to bring $0.25 levels and the day’s first major resistance level at $0.2515 into back play, with Stellar’s Lumen needing to move back through $0.2475 through the morning to support an afternoon recovery.
Failure to move back through $0.2475 could see Stellar’s Lumen take a bigger hit later in the day, with a slide through the first major support level at $0.2444 likely to bring the day’s second major support level at $0.2404 into play before any recovery, sub-$0.24 support levels unlikely to be tested barring materially negative news hitting the crypto news wires.
Looking at the Technical Indicators
Major Support Level: $0.2444
Major Resistance Level: $0.2515
Fib 23.6% Retracement Level: $0.2759
Fib 38% Retracement Level: $0.258
Fib 62% Retracement Level: $0.2289
