Key Highlights
- Stellar’s Lumen gained 1.35% on Monday. Following on from an 11.55% rally on Sunday, Stellar’s Lumen ended the day at $0.10437.
- A late morning intraday high $0.11155 saw Stellar’s Lumen breakthrough the first major resistance level at $0.1086.
- A late intraday low $0.10108 saw Stellar’s Lumen hold above the day’s first major support level at $0.0939.
- The bearish trend remained firmly intact in spite of last week’s gains. Stellar’s Lumen continued to fall short of the 23.6% FIB Retracement Level of 0.1369, following February’s new swing lo $0.07731.
Stellar’s Lumen Price Support
Stellar’s Lumen gained 1.35% on Monday. Following on from Sunday’s 11.55% rally, Stellar’s Lumen ended the day at $0.10437.
A bullish start to the day saw Stellar’s Lumen rally to a late morning intraday high $0.11155 before hitting reverse. The morning rally saw Stellar’s Lumen break through the first major resistance level at $0.1086.
Coming up short of the second major resistance level at $0.1148, Stellar’s Lumen slid to a late intraday low $0.10108.
The pullback saw Stellar’s Lumen hold onto $0.10 levels to avoid the first major support level at $0.939. Stellar’s Lumen managed to buck the trend from the broader market, which was largely in the red for the day. Out of the top 10 cryptos by market cap, only Binance Coin was able to join Stellar’s Lumen in the green for the day.
The extended bearish trend remained intact, in spite of last week’s 14.8% rally. Stellar’s Lumen continued to fall well short of the 23.6% FIB Retracement Level of $0.1310. For the bulls, the losses for the current year have been cut to just 7.7%. The bulls will need a breakout from the 23.6% FIB of $0.1310 to begin a near-term bullish trend formation.
At the time of writing, Stellar’s Lumen was down by 5.91% to $0.09820. A bullish start to the day saw Stellar’s Lumen hit a morning high $0.1060 before hitting reverse. Falling short of the first major resistance level at $0.1103, Stellar’s Lumen slid to a morning low $0.09746. The sell-off saw Stellar’s Lumen slide through the first major support level at $0.0998.
For the day ahead,
A move through the first major support level to $0.1060 levels would signal a resumption of the recent upward trend. Barring a broad-based crypto rally, however, we would expect Stellar’s Lumen to fall short of the first major resistance level at $0.1103. Steering clear of the second major support level at $0.0952 will be key to any possible recovery later in the day.
Failure to move back through the first major support level at $0.998 could see Stellar’s Lumen take a bigger hit. A slide through the morning low $0.09746 would bring $0.096 levels into play before any recovery. An extended sell-off across the broader market through the day would also bring the second major support level at $0.0952 into play.
Looking at the Technical Indicators
Major Support Level: $0.0998
Major Resistance Level: $0.1103
23.6% FIB Retracement Level: $0.1310
38% FIB Retracement Level: $0.1643
62% FIB Retracement Level: $0.2180