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

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