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

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.
Bob Mason
Stellar coin trading chart for monitoring XLM values of stellar and buying crypto currency on the exchange. Copy space.

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.

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.

Looking at the Technical Indicators

Major Support Level: $0.07440

Major Resistance Level: $0.08120

23.6% FIB Retracement Level: $0.1310

38% FIB Retracement Level: $0.1643

62% FIB Retracement Level: $0.2180

Please let us know what you think in the comments below

Thanks, Bob

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