Stellar’s Lumen Technical Analysis – Support Levels in Play – 14/11/18

Stellar’s Lumen continues to give up gains from the start of the month, reaffirming the near-term bearish trend.
Bob Mason
stellar xlm

Key Highlights

  • Stellar’s Lumen slid by 3.2% on Tuesday, following on from a 2.51% fall on Monday, to end the day at $0.26234.
  • An early morning intraday high $0.27548 saw Stellar’s Lumen fall short of the first major resistance level at $0.2825.
  • A mid-morning reversal saw Stellar’s Lumen fall through the 62% FIB Retracement Level of $0.2668 and first major support level at $0.2648 to an intraday low $0.25851.
  • The near-term bearish trend remained intact, with Stellar’s Lumen unable to hold above the 62% FIB Retracement Level of $0.2668.

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen slid by 3.2% on Tuesday, following on from a 2.51% fall on Monday, to end the day at $0.26234.

A bullish start to the day saw Stellar’s Lumen move through to an early morning intraday high $0.27548, falling short of the day’s first major resistance level at $0.2825 before hitting reverse through the rest of the day.

With the reversal kicking in by mid-morning, Stellar’s Lumen fell through the 62% FIB Retracement Level of $0.2668 and the first major support level at $0.2648 to a late afternoon intraday low $0.25851, calling on support at the second major support level at $0.2585 before recovering to $0.26 levels by the day’s end.

The moves since the start of the month have seen Stellar’s Lumen break through the 62% FIB Retracement Level of $0.2668 to a November high 0.28778 only to pullback, while continuing to hold above the 38.2% FIB Retracement Level of $0.2433, the pullback reaffirming the bearish trend formed at late September’s swing hi $0.305.

At the time of writing, Stellar’s Lumen was down 1.35% to $0.25847, with the early morning moves seeing Stellar’s Lumen slide from a start of a day morning high $0.26234 to an early morning low $0.25601, the reversal seeing Stellar’s Lumen coming within reach of the first major support level at $0.2554, while leaving the day’s major resistance levels untested.

For the day ahead, a move back through the morning high $0.26234 to $0.265 levels would support a run at $0.27 levels and the day’s first major resistance level at $0.2724 before any pullback, though we can expect Stellar’s Lumen to face plenty of resistance at the 62% FIB Retracement Level of $0.2668 to pin Stellar’s Lumen back from a run at $0.28 levels, a move that would support a bearish trend reversal.

Failure to move back through to $0.26 levels could see Stellar’s Lumen slide through the day’s first major support level at $0.2554 to test the day’s second major support level at $0.2485 before any recovery, more material losses unlikely barring particularly negative news hitting the wires.

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Looking at the Technical Indicators

Major Support Level: $0.2554

Major Resistance Level: $0.2724

Fib 23.6% Retracement Level: $0.2287

Fib 38% Retracement Level: $0.2433

Fib 62% Retracement Level: $0.2668

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