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