Stellar's Lumen joins a handful of the majors in the red, with heavier losses on the cards should a move back to $0.078 levels fail to materialize.
Stellar’s Lumen fell by 1.13% on Wednesday. Reversing a 0.8% rise from Tuesday, Stellar’s Lumen ended the day at $0.07774.
Tracking the broader market, Stellar’s Lumen rallied to a mid-morning intraday high $0.08023 before hitting reverse. The early in the day high saw Stellar’s Lumen break through the first major resistance level at $0.0799 to come within range of the second major resistance level at $0.0813.
The reversal saw Stellar’s Lumen slide to a mid-day intraday low $0.07632 to call on support at the first major support level at $0.0766.
Bearish sentiment across the broader market was evident through the afternoon, with Stellar’s Lumen unable to break back through to $0.0800 levels. An afternoon high 0.07812 was as bullish as it got as Stellar’s Lumen struggled at $0.077 levels through most of the day.
The extended bearish trend was reaffirmed through the first half of the week. Stellar’s Lumen continued to fall well short of the 23.6% FIB Retracement Level of $0.1310. For the bulls, the late September swing hi $0.305 remains an even more distant bull target, following 4 weeks in the red out of the last 6.
At the time of writing, Stellar’s Lumen was down by 0.53% to 0.07732. Moves through the early hours saw Stellar’s Lumen fall from a morning high $0.07798 to a morning low $0.07717 before steadying. The day’s major support and resistance levels were left untested early on.
For the day ahead, a move back through to $0.078 levels would support another run at the first major resistance level at $0.0799 to bring $0.080 levels into play before any pullback. Barring a broad-based crypto rally, we would expect Stellar’s Lumen to come up short of $0.081 levels, with Wednesday’s high $0.08023 likely to cap the upside through the day.
Failure to move back through to $0.078 levels could see Stellar’s Lumen pullback deeper into the red. A fall through the morning low $0.07717 would bring $0.076 levels and the first major support level at $0.076 into play before any recovery.
Barring a broad-based crypto sell-off, we would expect Stellar’s Lumen to avoid sub-$0.075 levels.
Major Support Level: $0.0760
Major Resistance Level: $0.0799
Fib 23.6% Retracement Level: $0.1310
Fib 38% Retracement Level: $0.1643
Fib 62% Retracement Level: $0.2180
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.