Stellar’s Lumen Technical Analysis – Support Levels in Play – 17/05/19

That’s quite a dive. Down by close to 10% in the early hours, a move back through to $0.14 levels would be needed to restore confidence.
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 fell 1.54% on Thursday. Partially reversing a 22.97% rally from Wednesday, Stellar’s Lumen ended the day at $0.1388.
  • An early morning intraday high $0.16176 saw Stellar’s Lumen break through the first major resistance level at $0.1495 and second major resistance level at $0.1591.
  • A mid-day intraday low $0.13024 saw Stellar’s Lumen test the first major support level at $0.1314.
  • The bearish trend remained firmly intact in spite of a relatively bullish run since early February. Stellar’s Lumen failed to break out from the 38.2% FIB Retracement Level of $0.1643 to take a run at the 62% FIB of $0.218

How to Buy Stellar’s Lumen

Stellar’s Lumen Price Support

Stellar’s Lumen fell by 1.54% on Thursday. Partially reversing a 22.97% rally from Wednesday, Stellar’s Lumen ended the day at $0.1388.

A bullish start to the day saw Stellar’s Lumen rally to an early morning intraday high $0.1676 before hitting reverse.

The early rally saw Stellar’s Lumen break through the first major resistance level at $0.1314 and second major resistance level at $0.1591.

Coming up against the 38.2% FIB of $0.1643, Stellar’s Lumen slid back to a mid-day intraday low $0.13024.

The reversal saw Stellar’s Lumen fall back through the 23.6% FIB of $0.1310 before finding support. A move back through to an afternoon high $0.15435 was short-lived, with Stellar’s Lumen sliding back to sub-$0.14 levels late on.

The extended bearish trend remained intact, with Stellar’s Lumen falling back through the 38.2% FIB of $0.1634 to hover at around the 23.6% FIB of $0.1310.

At the time of writing, Stellar’s Lumen was down by 9.94% to $0.1250. A choppy start to the day saw Stellar’s Lumen rise to a morning high $0.14052 before hitting reverse.

Coming up short of the major resistance levels, Stellar’s Lumen slid to a morning low $0.11995 before finding support.

The reversal saw Stellar’s Lumen fall through the first major support level at $0.1254 early on in the day.

For the day ahead,

A move back through the 23.6% FIB of $0.1310 to $0.1440 levels would support a run $0.14 levels later in the day.

Support from the broader market would be needed, however, for Stellar’s Lumen a break out from the 23.6% FIB of $0.1310.

Barring a broad-based crypto rebound, Stellar’s Lumen would likely struggle to move back through to $0.14 levels on the day.

In the event of a broad-based crypto rebound, a move back through the 23.6% FIB to $0.15 levels would be on the cards. The first major resistance level at $0.1570 would likely cap the upside in the event of a rebound.

Failure to move back through the 23.6% FIB to $0.14 levels could see Stellar’s Lumen struggle through the day. A fall back through $0.1220 levels would bring sub-$0.12 levels back into play before any recovery.

Barring a crypto meltdown, however, Stellar’s Lumen would likely steer clear of the second major support level at $0.1121.

Looking at the Technical Indicators

Major Support Level: $0.1254

Major Resistance Level: $0.1570

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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