Stellar’s Lumen Technical Analysis – Support Levels in Play – 12/08/19

Published: Aug 12, 2019, 06:15 UTC•2min read

It’s back in the red for Stellar’s Lumen after a bullish weekend. Holding onto $0.07730 levels will be key in the early part of the day.

Key Highlights

Stellar’s Lumen rallied by 6.7% on Sunday. Following on from a 1.95% gain from Saturday, Stellar’s Lumen ended the day at $0.07829.
An early morning intraday low $0.073372 saw Stellar’s Lumen hold above the first major resistance level at $0.07180.
A late intraday high $0.080206 saw Stellar’s Lumen break through the major resistance levels.
The extended bearish trend remained firmly intact, with Stellar’s Lumen continuing to fall short of the 23.6% FIB of $0.1311.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen rallied by 6.7% on Sunday. Following on from a 1.95% gain on Saturday, Stellar’s Lumen ended the day at $0.078286.

The upside from the weekend reduced the deficit for the week to 5.5%.

It was a particularly bullish day for Stellar’s Lumen, which rallied from an early morning intraday low $0.07372 to a late intraday high $0.080206.

Steering clear of the major support levels, Stellar’s Lumen broke through the major resistance levels on the day.

A late pullback saw Stellar’s Lumen fall back through the third major resistance level at $0.07940.

The extended bearish trend remained firmly intact following last week’s losses. Stellar’s Lumen continued to fall short of the 23.6% FIB of $0.1310 following a pullback from $0.13 levels in late June.

A particularly bearish July and August have seen Stellar’s Lumen slide back from the 23.6% FIB of $0.1310.

For the bulls, a move back through to $0.14 levels would support a run at the 38.2% FIB of $0.1643 and a near-term bullish trend formation.

At the time of writing, Stellar’s Lumen was down by 1.25% to $0.077308. A bearish start to the day saw Stellar’s Lumen fall from an early morning high $0.077624 to a low $0.077222.

Stellar’s Lumen left the major support and resistance levels untested early on in the day.

XLM/USD 12/08/19 Daily Chart

For the day ahead

Stellar’s Lumen would need to hold onto $0.07730 levels to support a run a $0.080 levels and Sunday’s high $0.080206.

Stellar’s Lumen would need the support of the broader market, however, to break out from $0.08020 levels.

Barring a broad-based crypto rally, Stellar’s Lumen would likely fall short of the first major resistance level at $0.08120.

In the event of a crypto breakout, Stellar’s Lumen could visit $0.0820 levels before any pullback. We would expect Stellar’s Lumen to fall short of the second major resistance level at $0.0841, however.

Failure to move back through to $0.07730 levels could see Stellar’s Lumen slide deeper into the red. A fall through the morning low $0.07722 would bring the first major support level at $0.0744 into play.

Barring a crypto meltdown, Stellar’s Lumen should steer well clear of the second major support level at $0.07050.