Stellar’s Lumen Technical Analysis – Support Levels in Play – 14/02/19

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

Key Highlights

  • Stellar’s Lumen fell by 1.13% on Wednesday. Reversing a 0.80% rise from Tuesday, Stellar’s Lumen ended the day at $0.07774.
  • A mid-morning intraday high $0.08023 saw Stellar’s Lumen break through the first major resistance level at $0.0799 before hitting reverse.
  • A mid-day intraday low $0.07632 saw Stellar’s Lumen call on support at the day’s first major support level at $0.0766.
  • The bearish trend remained intact, with Stellar’s Lumen continues to fall short of the 23.6% FIB Retracement Level of 0.1369, following February’s new swing lo $0.07731.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

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.

Looking at the Technical Indicators

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

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.