Stellar’s Lumen Technical Analysis – Support Levels in Play – 11/01/19

It’s back in the red for Stellar’s Lumen, with a move through to $0.11 levels needed to avoid another day of heavy losses.
Bob Mason
stellar xlm

Key Highlights

  • Stellar’s Lumen slumped by 13.31% on Thursday, following a flat Wednesday, to end the day at $0.11021.
  • An early morning intraday high $0.13222 saw Stellar’s Lumen break through the first major resistance level at $0.1284 and second major resistance level at $0.1308 before hitting reverse.
  • A late afternoon intraday low $0.1050 saw Stellar’s Lumen slide through the day’s major support levels and sit below the third major support level at $0.1160 by the day’s end.
  • The bearish trend remained intact, with Stellar’s Lumen continuing to fall short of the 23.6% FIB Retracement Level of 0.1434 following 15th December’s swing lo $0.09353 and Thursday’s reversal.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen tumbled by 13.31% on Thursday, following a 0.02% gain on Wednesday, to end the day at $0.11021, the reversal wiping out the gains made through the start of the year.

A bullish start to the day saw rise to an early morning intraday high $0.13222, with Stellar’s Lumen breaking through the first major resistance level at $0.1284 and second major resistance level at $0.1308 before getting hit by a cryptomarket meltdown.

Stellar’s Lumen tumbled through the day’s major support levels to a late afternoon intraday low $0.1050 before steadying to move back through to $0.11 levels, the only positive from the day being a hold onto $0.10 levels on the slide.

The bearish trend formed at late October’s swing hi $0.305 remained intact, with Thursday’s sell-off and last week’s losses leaving Stellar’s Lumen well short of the 23.6% FIB of $0.1434.

At the time of writing, Stellar’s Lumen was down 0.28% to $0.1099, with moves through the early morning seeing Stellar’s Lumen recover from a start of a day morning low $0.10827 to strike a morning high $0.1109 before easing back, the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $0.1109 to $0.116 levels would support a run at the day’s first major resistance level at $0.1266, with Stellar’s Lumen needing support from the broader market later in the day to break through to $0.12 levels, plenty of resistance likely to be in the way of a break out from current levels following Thursday’s sell-off.

Failure to move back through to $0.11 levels by the early afternoon could see Stellar’s Lumen pullback deeper into the red, a fall through the morning low $0.10827 bringing the day’s first major support level at $0.0994 into play, with the broader market needing to be back in meltdown mode for sub-$0.10 support levels to come into play.

Looking at the Technical Indicators

Major Support Level: $0.0994

Major Resistance Level: $0.1266

Fib 23.6% Retracement Level: $0.1434

Fib 38% Retracement Level: $0.1743

Fib 62% Retracement Level: $0.2242

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